Future-fit rewards: Reward strategies for a skills-powered tomorrow  

Jogging near the Oregon coast.   
Jogging near the Oregon coast.   

Discover the future of rewards and gain valuable insights into the evolving skills landscape.

Download 'Future-fit rewards: Reward strategies for a skills-powered tomorrow' to delve deeper into: the business impact of skills-powered reward, the who, why and how of rewarding for skills, how the model transforms the employee journey, and the first steps you can take to align your rewards program with the skills needed for the future.

Content:

  • A skills-powered future
    Reward strategies are being closely examined by executives who are seeking clarity on the skills they have versus the skills they need, and investing in employee upskilling/reskilling is seen as the key to boosting productivity and navigating the changing business landscape.
  • The who and the why: Pinpoint target populations and objectives
    Traditional compensation management often neglects individual skills and contributions, while pay for skills takes a personalized approach, considering employees' specific talents and market demand. This holistic model combines skill proficiencies, work outputs, and criticality, prioritizing the human element in compensation strategies.
  • The how: Choose the right skills approach for your organization 
    Once the who and the why are established, the how becomes clearer. Explore the most common ways to reward for skills.
  • Supporting the employee journey with pay-for-skills
    Pay-for-skills programs can bolster the employee experience and address disengagement, promote career advancement, and enhance talent retention by providing continuous learning and development opportunities.
  • Overcoming obstacles
    While skills-powered talent practices have gained momentum, rewarding for skills has not been a primary focus compared to talent acquisition, career development, and talent mobility. There are common challenges facing businesses that leaders will need to address as part of the skills-powered journey.
  • What you can do tomorrow
    To incorporate skills-powered practices, organizations can start by adopting a test and learn mindset to kickstart and evolve their rewards programs.

Future-fit rewards: Reward strategies for a skills-powered tomorrow

Download the POV to explore the business impact of skills-powered reward strategies and the first steps to align your rewards program with future skills.
Authors:
Brian Fisher
, Global Skills Solution Leader
Gord Frost, Global Rewards Solution Leader
Paul Habgood, Workforce Transformation, UK & Europe

Contributors:
Ravin Jesuthasan, Global Leader, Transformation Services
Sean MacHale, European Rewards Leader
Lauren Mason, Workforce Solutions Leader, US
Ellie Green, Senior Writer
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