Benefits in transition. How Ericsson is enhancing the employee experience.
Transforming total rewards programs to create consistent and cost effective benefits offerings for employees can be an effective way to attract and retain top employees. In this episode we share the total rewards transformation journey Ericsson has taken to enhance employee experience while reducing benefit costs and risk.
We are joined by Andrew Pilbeam, head of Global Title Rewards at Ericsson who shares the journey and impact to transform their total rewards proposition globally.
Flexible work and rewardsPeople are looking for much more from an [employee] experience perspective. They want clear understanding of the purpose of their work. But increasingly we are seeing expectation of flexibility, how and where they work, but also flexibility in how they're rewarded and supported, and that also combines with the needs for career growth.
Smart use of benefits budgetsWe all know compensation's forming the key baseline for how we manage attraction and retention. But we also know we need to clarify and expand on our employee experiences that we offer. We don't have unlimited budgets from the compensation perspective, so we need to make sure that we understand how and where to invest from the employee experience perspective.
Reducing cost and riskThrough smart approaches we could bring in quite substantial savings into the organization. When we start looking at things from a holistic perspective, we were able to build a very strong cost case, saving tens of millions of dollars if we were smart and wise. We also knew that actually by having a more consistent approach, we will reduce the risk levels to the organization in the areas of benefits and pensions.
Digitization for a consistent experienceDigitalization forms a key part, it improves the employee experience, it means we can be consistent in our communication of the linking into our culture, linking into what you receive from us. It means that people can actually have access to much more choice when it comes to the employee benefits or pension retirement offerings.
Benefits in transition. How Ericsson is enhancing the employee experience