Linking Reward & Talent
Much effort and energy has been focussed on a number of areas that have developed in HR over the last decade; Talent Management, Comp & Ben, Reward, Employee Engagement and so on. Sylvia Doyle who is Managing Consultant at Reward First has been working in the area of Reward Management with her clients for many years. From the lively discussion that went on at this two hour seminar there is a thirst for developing the link between Reward and Talent and a desire to share experiences.
Taking the big picture, there are three main drivers at work; Globalisation, Rhetoric (do employees really believe a CEO when he says “people are our greatest asset”?) and shifting demographics (employees entering the workforce today have very different expectations than those already in the workforce).
The World at Work Survey (2012-2013) questioned 1605 employers and found that 72% have difficulties attracting critical-skill employees, 50% report challenges retaining them and 43% have problems attracting diverse employee populations. They also found that establishing an effective Employee Value Proposition (EVP) lead to three times as many employees reported feeling engaged by their employer than those with a poor EVP.
When Sylvia mentioned that she found most companies have Talent and Reward in disconnected silos a ripple of recognition went around the room followed by the shared experiences of the difficulty in integrating the two. In particular, avoiding the trap of seeing Reward as mainly about money and the difficulty of senior managers to recognise that what they wanted at the start of their careers is not what generation “Y” now seeks.
The linking of Reward and Talent is not an easy journey for companies to embark on but an integrated approach can lead to the design and development of an overarching Employee Value proposition (EVP) that in itself leads to engaged employees and a direct impact on the bottom line. EMEA findings have shown that companies that achieve this are five times more likely to have engaged employees and twice as likely to achieve financial performance over their peers.
Our sincere thanks to Sylvia Doyle and the participants of the seminar for making this an interactive and valuable insight to where we are with Reward and Talent integration. You can find Sylvia’s full presentation here and the survey she references here.