Reward programmes being revisited 

Six out of ten companies in India bend over backwards to retain talent, says a Willis Towers Watson study

July 06, 2022 09:54 am | Updated 09:54 am IST

Image used for representational purpose

Image used for representational purpose

The India findings of a new global survey by Willis Towers Watson depict the war for talent as being intense through 2022.

Around 78% of the organisations in India are experiencing challenges in attracting talent this year, with 64% facing pressure in retaining employees, says the study, ‘Reimagining Work and Rewards’.

Pottering around

As per the survey, the number of organisations experiencing difficulties has increased manifold in the last two years.

1. 61% see a need to create a holistic employee experience while 58% view strengthening their work and rewards framework as the most important capability over the next three years

2. 65% believe the use of AI and 57%, the use of skills-based placement of work, will drive much of the change in how employees work.

3. 67% are building leadership and managerial capabilities around engaging talent with flexible work arrangements

The culmination

To the question about when they expect the pandemic to recede sufficiently enough for organisations to end temporary pandemic-related policies and procedures, 54% of the respondents indicated that they were not there yet; 12% expect to reach a new normal state only in 2023 or even later, said the study.

In terms of flexible work arrangements, the survey finds that the proportion of employees who worked primarily remotely or with a mix of onsite and offsite work arrangements is up by 54% now compared to 7% three years ago. As many as 47% are expected to remain in a primarily remote-hybrid mode for the next three years.

Reward and recognition

1. 73% organisations are considering or have already reviewed the mix of pay and benefits to reflect the change in the use of remote/ hybrid work models or other flexible work arrangements

2. 87% are considering or have reimagined the employee experience as it relates to Total Rewards (e.g. technology, personalised communication)

3. 63% are considering changes to their health and other physical / emotional wellbeing programmes, while 51% are considering changes to their retirement and financial wellbeing programmes to support workers in a more agile and flexible workplace in the future

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