As Robert McNamara, the Former American Secretary of Defense said ìBrains, like hearts, go where they are appreciated.
The definition of “appreciation” in a corporate context manifests itself in multiple forms, the most prominent one being through Compensation. ‘How’ and ‘How much’ to compensate have been the recurring questions for deliberation in organizations around the world. Employers need to constantly re-evaluate their approach in answering such questions while assessing the key factors driving this need, like:
Disruptive business models and changing organizational structures
Shifting workforce demographics and needs including the increasing proportion of Millennials, surging focus on Diversity & Inclusion; and rise of the ‘Gig economy’
Increase in employee mobility
Dichotomy of expectations: demand for flexibility in choices vs. the need for simplicity
Easy access to information and comparison points
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