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[IWS] Towers Watson: 2014 GLOBAL TALENT MANAGEMENT AND REWARDS STUDY: MAKING THE MOST OF THE EMPLOYMENT DEAL [August 2014]
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor--------------------Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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2014 Global Talent Management and Rewards Study: Making the Most of the Employment Deal—At A Glance [August 2014]
[full-text, 8 pages]
AT A GLANCE
• Attraction and retention drivers among employees have remained fairly steady, with base pay and career advancement continuing to be top priorities.
• Less than one-third (32%) of employers report that their organization has a formally articulated employment deal.
• Only 33% of employers say managers are effective at conducting career development discussions as part of the performance management process.
The 2014 Global Talent Management and Rewards Study provides an in-depth look at the employee reward programs and talent management best practices of organizations around the globe. It captures the perspectives of over 1,600 organizations across 31 markets on attraction, retention and engagement issues that are essential to the development of an effective employment deal and total rewards strategy.
What is the value of getting the employment deal right?
Organizations with a highly evolved employment deal (i.e., one that is formally articulated, well executed, customized for different employee segments and differentiated from those of competitors) are more effective than organizations offering a deal that is tactical (i.e., not formally articulated and lacking an integrated strategy for rewards and talent management).
2014 Global Talent Management and Rewards Study
Additional key findings from the study reveal:
•Employers don't always understand the employee reward programs that workers value most.
•Many employers are failing to differentiate broad-based employee annual incentive programs.
•For employees, job security is the second-most frequently cited reason for joining an organization, while it ranks seventh for employers.
•Trust and confidence in senior leadership, among employees' top three reasons for staying with an organization, does not even rank in the top seven for employers.
•Most organizations don't know if their career management programs are working; a very low 27% say their organizations monitor the effectiveness of these programs.
•Employers are finding it difficult to get and keep key talent, including top performers and high-potential employees.
•Nearly two in three respondents are experiencing problems attracting top performers (65%) and high-potential employees (64%), an increase from two years ago.
•More than half of employers report difficulty retaining high-potential employees (56%) and top performers (54%).
To achieve business objectives, employers need to attract and retain critical talent and ensure employees are highly engaged, which, in turn, will support increased productivity. To help foster sustainable engagement, organizations must offer and deliver an employment deal that is formally articulated, is tailored to different workforce segments and sets an organization apart from its competitors.
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