Mumbai: With emerging competition in global talent market, employers across the globe are considering that total rewards strategy should be customized as per employee needs and cultural fit. Employers in Mexico, Brazil and India are more transparent when it comes to rewards compared to those in other countries, as per Mercer’s Global Talent Trends 2016. The report highlighted that employees are looking for more flexible and tailored solutions for their rewards and benefits.
The report mentioned that in the current digital age, employees expect more than just monthly salary benefits and are well informed about the competitive packages offered in the industry. Surprisingly, technology is playing as an enabler role in the landscape and driving flexible total reward practices. The report gave an example that companies are bending insurance and wellness spends and providing employees options to make direct choices on how they can make these monetary benefits.
In the employee generation wise analysis, a significant surveyed millenials responded that their organizations are transparent in reward strategy as 57% of them agreed on this compared to 43% of their baby boomer colleagues.
The report revealed that as far as performance management is concerned the majority of employees globally believe that performance ratings encourage them to work harder. Also employees perceived that performance ratings help them to judge their relative performance and earn more.
The report further found that employees in India, Singapore and Mexico are satisfied with their organizations. However, they don’t find any long term career prospects in the current organization, hence they are looking for a change. On the other hand, in Europe, a significant number of employees are unsatisfied with their organizations. They are forced to stay in the same organization as there are few opportunities in the market.
Mercer’s Global Talent Trends 2016 survey covered 15 countries across the globe including, the USA, the UK, Brazil, India, China, France, Singapore, etc. The survey included all generations of workforce (baby boomer, Generation X and Millenials) across diverse industries.
