4 trends of reward strategy

Let’s Talk – Tania Mendez

I'm Tania Mendez. I am a senior principal in the Advisory Rewards and Benefits practice. I've been with Korn Ferry for two years based out of the DC office.

What are the top trends in reward strategy today?

I think there's, I'd like to count in threes, but I think there's at least four here, and maybe more, but there's four that, to me, are top of mind.

Tie your rewards strategy and your programs to your purpose and mission.

One is how can you explicitly tie your reward strategy and your programs to your purpose and mission. Which again, that goes beyond your internal business goals. That's really thinking about where you operate as an organization and how you impact your community. And how does that translate to rewards?

Increasing focus on workplace flexibility.

Two is an increased focus on workplace flexibility and how it's being weaved into rewards and talent strategy much more explicitly than we've seen in the past.

Elevating health and well-being.

Three, I would say, elevating that health and well-being conversation and ensuring that it too is not just in the background of your rewards offerings, but is very explicit to candidates and to employees.

Differentiating reward solutions.

And then lastly, I would say, linked to that talent challenges question, is really ensuring that you're differentiating reward solutions to address these divergent talent challenges. It's all these things that perhaps have always been there in the background. I think they're much more important and need to be much more clearly articulated, because more companies are doing this. So, how do you differentiate yourself as an organization trying to compete with the same talent?