Crystal-gazing: The future of rewards
With the workforce trends changing in an unprecedented manner, who to reward, how to reward, how much to reward and at what frequency are all questions that compel a rethink
The start of a new year is always a good time for employers to take stock of where they are and think about what the future holds. The past few years have been particularly tumultuous as trends like globalization, artificial intelligence, rapidly-evolving technology, and deep demographic shifts have affected and impacted organizations in significant ways. We are now at the brink of the Fourth Industrial Revolution; the future of work and the workforce is changing in an unprecedented manner. Needless to say — who to reward, how to reward, how much to reward and at what frequency — are all questions that compel a rethink. The answers to these questions lie in the evolution and inter-linkage between aspects like total rewards philosophy, design, segmentation, variable pay & pay for performance, personalization, technology & delivery, analytics, transparency and communication. It is predicted that individual employees or employee segments could have their compensatio...
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