Reward

Strategy & Change  |  Flexible working  |  International mobility  |  Risk and compliance

In today’s ‘war for talent’, organizations need to come with more creative ways to remain attractive employers. This means developing suitable reward programs that offer employees the flexibility and freedom to adapt their packages to their individual needs. Offering sustainable transportation solutions, attractive variable compensation and complementary pension plans are just some examples of initiatives employers can take to retain top talent.

It’s widely known that people are an organization’s greatest asset. A well-designed reward program focuses on attracting and retaining talent while encouraging employees to act in ways consistent with your business objectives.

How can you ensure that your reward offering is compliant from tax, social security and employment law perspectives? How can you improve employee engagement in your organization through your benefit scheme?

When your organization considers implementing or reviewing its total compensation/reward package, complementary pension plans are an essential factor. As plans are made for the long term, it is an ideal retention tool. In addition, the grant of variable compensation can be optimized by paying at least a part – if not all – of the bonus amount as a contribution in a bonus pension plan.

However, the legal framework is complex and the intended benefits should be accurately valued. It is important to determine which employees your organization wants to reward, taking into account non-discrimination rules. Finally, deciding whether to establish a proper pension fund or contract an insurer- as well as which one - are delicate exercises.

The “war for talent” is raging. The current labor market poses increasing challenges for companies to be, and remain, attractive employers. Organizations that want to attract and retain top talent are therefore increasingly trying to distinguish themselves by offering an appealing and adaptable remuneration package.

A flexible reward package or cafeteria plan is a step in that direction. However, smart companies go one step further and give employees the freedom to adapt their package to their individual and changing needs. By focusing on those personal needs, your organization becomes a more attractive employer, which, in turn, increases the commitment of your employees.

Employees are increasingly opting for sustainable transportation solutions. An HR organization that understands and responsibly develops this option as part of its reward offering helps to modernize and strengthen its employer brand, while delivering a mobility plan fit for contemporary lifestyle needs.

It’s important that remuneration is fully embedded in a broader HR and business strategy. As an employer, you must be able to frame remuneration within a clear, overall vision. This means communicating clearly and transparently with your employees about their remuneration and mobility package.

Offering attractive and innovative variable compensation packages to employees is critical for all companies wishing to compete for top talent. However, variable compensation plans can be very complex from tax, legal and HR perspectives.