Your people define your culture and ultimately determine your organization’s success. The right rewards are critical. For most companies, rewards form the center of a talent strategy framework that supports the goals of your business.
But meaningful rewards aren’t one-size-fits-all. They should be designed to achieve the right outcomes and reinforce your company culture. Will you need rewards that vary by geography, business unit, skill area, generation and employee demographic? For most companies, the answer is yes.
To make them meaningful for both your business and your employees, your rewards should be:
Are you paying too much — or too little — for emerging jobs and skills? Are other companies offering incentives or programs you don’t have? Our benchmark database uses the most accurate and up-to-date market data practices for evaluating and establishing competitive compensation. With Mercer’s job evaluation tools, you’ll have access to relevant market data that helps you calibrate pay levels across countries and industries.
How effectively are you rewarding performance? Do your incentive plans drive the right behaviors? Is your company’s performance management achieving the desired results? Can your company identify top performers? Mercer is a thought leader in performance management practices and trends as well as incentive plan design.
The desire for pay fairness continues to dominate global headlines as industry leaders, politicians and investors carry this agenda forward. Mercer’s global review process, supported by our Pay Equity Calculator™, helps you review pay equity across your global workforce. Our proprietary job evaluation methodology gives you an objective measure of job value. And our approach to career frameworks helps you establish job families and universal career levels that align with your pay programs to deliver pay equitably and consistently.
Creating a culture of skills and career development is vital for companies that believe internal agility, upskilling and reskilling are essential for meeting evolving consumer needs. How you design jobs within a career framework, reward horizontal and vertical talent movement, and reflect skills and proficiency in your pay guidelines should all support this goal.
Our employee rewards professionals can help you:
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This does not contain advice relating to your particular circumstances. Mercer provides recommendations based on the particular client's circumstances and needs, and recommendations may vary among clients.