Identifying the right reward system

According to Towers Watson's Global Talent Management and Rewards study, there is a disconnect between employers' and employees' views on what are the key attraction drivers. Employers don't always understand the rewards workers value most, which can make it difficult to develop a winning employment deal. For example, for employees, job security is the second-most frequently cited reason for joining an organisation, while it ranks seventh for employers. Employers also fall short when they underestimate the role senior leadership plays in helping retain employees. While employees cite trust and confidence in senior leadership among their top three reasons for staying with an organisation, it is not in the top seven for employers. No wonder, employers are finding it difficult to get and keep key talent, including top performers and high-potential employees.

The study says nearly two in three respondents are experiencing problems attracting top performers and high-potential employees, an increase from two years ago. Additionally, more than half report difficulty retaining high-potential employees and top performers. The study says to succeed in attracting and engaging a productive workforce, employers need to first address the painpoints and prioritise the following drivers: competitive base pay, career advancement opportunities, effective leaders and managers, and job security.