Three steps to use your employee rewards programs to create a total employee experience that attracts, motivates and rewards key players in a fast-moving digital environment.
Step One: Identify the Digital Skills You Will Need
Designing a compelling rewards package to attract and retain digital talent starts with defining the specific capabilities and types of talent that will be critical for business growth. To do this, take a broad look at your company's job architecture by mapping out the roles and levels currently in place. Then determine whether this structure accurately represents the types of capabilities needed now and define what may be needed in the future.
Step Two: Develop the Right Benchmark
Once there is a clear understanding of the roles your business needs, the next step is to benchmark your total rewards program. You may need to look outside of your company's traditional peers and include companies in different industries to develop a competitive rewards packages. After you determine what talent expects in terms of rewards, you have to decide what you can afford.
Step Three: Rethink Your Rewards Framework
After you identify the types of talent you need and understand the compensation expected for these roles, take a more holistic approach to reimagining or upgrading your rewards program. This means taking a closer look at your compensation and rewards framework to determine what works well and where there are gaps. Implementing programs that differentiate high performers—such as special equity programs, annual incentives or peer-recognition programs—may drive substantial results more affordably.
To learn how your company can compete for today’s in-demand digital workforce—and win, read our whitepaper Reimagining Rewards.