The Reward Navigator 2024
In Europe’s biggest survey of its kind, we asked over 5000 HRDs and 18,000 employees to tell us about their company’s reward and benefits strategy. The responses shed new light on what employees want from their remuneration package—and where employers are still missing the mark. Explore below to discover the biggest insights from the research, along with four milestones to reach on your journey to reward success.
Where should you start with achieving pay transparency?
Getting started with pay transparency means kicking things off with clear and open communication about your reward policies. While many companies are already diving into this, there’s still plenty of room for improvement. Our research shows that fewer than two-thirds of employers are fully up-to-date on the legal rules around pay transparency, which should be the backbone of your approach. So, where does your company stand compared to the rest?
Why is pay transparency important?
Pay transparency is more than just a buzzword; it’s a critical component of a fair and equitable workplace. According to our research, promoting financial wellbeing (46%) and pay transparency (43%) are among the top challenges employers face on the reward front in Ireland. Despite these challenges, only 43% of employees in Ireland are satisfied with the transparency of their organisation’s reward policy, and 49% are satisfied with the communication about this policy and any changes to it.
How should employee benefits support well-being?
Surprisingly, 29% of employers in Ireland do not have or plan to offer any health and well-being benefits. This is a significant oversight, especially when 44% of employees are currently experiencing financial stress, a major contributor to overall mental health challenges.
How much should you spend on salary vs. employee benefits?
It’s a delicate balancing act: our research found that 50% of employers in Ireland are struggling to find the sweet spot between offering attractive rewards and keeping labour costs in check. With 51% of employers noting that total wage costs are on the rise and the average salary increase projected at 10% for the coming year, the pressure is on to manage budgets wisely
Why focus your reward strategy on employee retention?
An effective rewards strategy should be centrally aligned to the goals and ambitions of your wider organisation, through happy, considered, dedicated employees. In Ireland, 58% of employers surveyed believe their current reward policy positively impacts employee retention and motivation.
What employee benefits should you offer?
When it comes to the rewards employers currently offer, we see a mix of both classic and trending benefit types. Key employee benefits include fixed salaries (received by72% of employees in Ireland), flexible working hours (56%), and study/training days (46%). Additionally, benefits like gifts for special occasions (32%), meal vouchers or allowances (23%), and health and wellness programs (42 %) are also commonplace.
Reward Strategy Checklist
Ready to design a reward package that truly motivates your team? Our simple checklist walks you through each step – from idea generation and market research to customising benefits and ensuring compliance. Follow the steps to efficiently build a strategy that aligns with your company’s goals and meets your employees’ needs.
Reward Strategy Guide
Unlock the potential of your rewards program with our detailed step-by-step guide. Designed to offer clear and actionable instructions, this guide will help you navigate each phase with confidence and achieve your goals effectively.
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