People risk strategies for successful business change
Partner, Digital, Strategy & Markets Leader
UK Corporate Growth Leader, Mercer Marsh Benefits
Market Development Leader, UK, Mercer Marsh Benefits
In our latest research report, we discovered how employee reward and benefit strategies are transforming in organisations to mitigate people risk.
Throughout this series, and in each of the seven reports we’ve developed with the Reward and Benefits Association (REBA), we have highlighted the increasingly urgent pace of change reported by respondents. Innovation, market demand, environmental targets and digital and technological development are the key components forcing this transformation, both on an iterative and a revolutionary scale.
There are an array of people risks that have the potential to undermine employee engagement, benefits and businesses transformation. In this video interview, Nick McMenemy, Partner and Digital, Strategy & Markets Leader for Mercer Marsh Benefits, and Debi O'Donovan, Co-Founder of REBA, explores how employers can mitigate these risks.
Reward and benefit strategies are transforming to mitigate people risk
To keep up, many successful chief human resources officers (CHROs) focus heavily on the human skills they need now, as well as forecasting future, sometimes unknown, skills they will need in the short, medium and longer term. How their organisations transform and succeed in a sustainable way will depend heavily on HR strategies linked to workforce skills.
From our research, it is notable that:
Seven-in-10 respondents say market demand for skills is a challenge
Almost two-thirds of respondents say that the cost of recruiting new skills is a current risk
More than three-quarters of respondent worry about business risks linked to wage demands
Our research also revealed that developing people and talent to embrace business transformation is a key objective. But having the right skills to innovate, increase digitisation, tackle changing market demand and meet environmental targets is a major risk for employers right now. To address this, organisations must look at employees’ changing demands and keep them motivated throughout change.
At a glance:
of respondents say market demand for skills is a challenge for their organisation
of respondents say wage inflation and demands are a current risk to the business
of respondents say the cost of recruiting new skills is a current risk to the business
of respondents say their organisation struggles to align changing employee expectations to their HR and business objectives
of respondents say they struggle to align talent attraction and retention to their HR and business objectives
This report is the seventh in our Transforming Engagement series with REBA and aims to provide the context and practical steps needed to understand how to transform reward and benefit strategies to mitigate people risk.