Modernize Reward Programs to Attract & Retain Talent
The labor market has shifted dramatically and, in many ways, is more competitive than ever.
Low unemployment and decreasing labor force participation has pressured employers to increase compensation and enhance their total rewards packages to keep up with changing employee expectations.
These market dynamics mean banks need to review their total rewards package. You may find your bank’s people strategy, and current and future workforce, have evolved beyond the total rewards offerings. You might be investing in benefits and programs that aren’t valuable to employees.
For most companies, budgets are already falling short due to inflation, Meanwhile, employees are frustrated their wage increases aren't keeping pace with inflation.
Here are a few things for employers to consider:
- Short-term incentive programs: Nearly 91% of employees receive some sort of variable pay. Consider accelerating these bonus payments to semi-annually or quarterly.
- Long-term incentive programs: A nonqualified retention program such as a SERP (supplemental employee retirement plan) offers additional benefits of of investment discretion.
- Compensation philosophy and communication: In a world where it's easy for employees to gather salary information online, be clear and transparent about your compensation program.
Learning, Growth and Development
According to LinkedIn’s Workplace Learning Report, the primary focus areas of learning and development programs in 2022 are:
- Leadership and management training.
- Upskilling and reskilling employees.
- Digital upskilling and digital transformation.
- Diversity, equity and inclusion.
Culture and Connection
Even the best total rewards package can’t make up for a toxic culture. It’s critical to focus on your people and provide opportunities to connect, collaborate and build relationships.