Human Resources departments have been at the center of pandemic response management since early 2020, tasked with finding solutions to a host of problems we have not faced before. How have they coped? What have we learned? Where do we go from here?
To explore these questions we teamed up with WorldatWork and beqom partner Alight Solutions to present “Post-Pandemic Mantras for Agile Total Rewards.” Alight, specialists in human capital management solutions, conducts an annual Workforce Mindset Study, most recently in July 2020 and presented in the webinar, which examines the current state of the employee experience, total rewards, workplace technology and community from the employee perspective.
The challenges of 2020 and beyond
The workplace changed dramatically in 2020, and some of those changes may be permanent, raising challenges for HR like: how can companies ensure successful and secure remote work? How can they keep employees safe, productive, and engaged? How can they quickly implement short-term strategies while developing long-term strategies to deal with an uncertain future?
According to Laine Conway, Alight’s Total Rewards Product Leader, work-life balance is now seen in a new light, more like work-life integration. Work and life are not separate things to be balanced, rather work is a part of life to be blended into the whole.
The way that employees look at organizations and at their jobs also has changed and will continue to evolve. Companies have invested in many innovative programs over the years — parental leave, adoption assistance, infertility services, wellness and financial well-being programs, and the like — but while useful, the employee view of these programs has not changed much in recent years. While competitive pay is still cited as the number one differentiator when choosing a job, other factors are gaining, such as flexible schedules and time off, and the pandemic is only increasing the importance of these other factors.
Making sure your rewards are motivating
The Alight survey found that 49% of employees say they have a good understanding of their total rewards, while 55% feel their total rewards meet their overall needs. On the flip side, that means that about half of the workforce doesn’t understand their rewards package, and nearly half don’t feel that their rewards are meeting their needs. You don’t have to be an HR guru to see the huge potential impact on productivity. So how do you incentivize people to stay and be productive?
Today the challenge is how to fulfill a person both at work and at home. People play multiple roles in their lives: worker, parent, spouse, caretaker, community member. Being supported in managing these roles can lead to a satisfied person and loyal, productive employee.
Case in point: only 51% of single working parents say they are able to effectively manage work and personal life. What would help them to make their lives work better so that they can be effective in their jobs? It’s worth finding out.
Be prepared for the future of rewards
One thing is certain, going forward HR will need to be agile and adaptable. As the dust settles from the initial disruption of the pandemic, it would be wise to take a future-based look at total rewards and the technology required to deliver it. To get started, watch this free webinar to learn about the Post-Pandemic Mantras for Agile Total Rewards.