Market Insight, Market Intelligence
As we look forward to 2017, the Frazer Jones Reward practice predicts five key trends of how we see the evolution of reward over the next 12 months:
Resurgence of the Reward Generalist: We foresee more organisations seeking the multidiscipline, hybrid reward and benefits model whereby firms will strategically recruit reward “all-rounders”, shying away from recruiting siloed compensation and/or benefits talent. This is a strategic decision that is derived from reward professionals needing to be able to provide a higher level of advisory expertise to their businesses.
Break down of traditional career ladder: At the tail end of 2016 we have noticed a trend of clients seeking individuals who sit outside of the traditional career structure in reward. We predict that 2017 will see an acceleration in a more disruptive approach to hiring talent. We have already seen an increase of clients no longer hiring like for like talent, taking individuals from completely unrelated industry backgrounds.
No more time served: We predict that leading companies will look to hire a new breed of reward talent. With the relentless demand for MI on employees, and the need to blend an understanding of remuneration and technological innovation, a number of larger businesses will be poaching talent from consulting firms. These individuals will combine a voracious appetite for data and the science of analytics, whilst utilising the core skills needed to perform operational reward roles.
Reward going soft?: Whilst number crunching will always be a core function of the reward professional, it seems to be increasingly important for an organisation to be aware of more than its reward offering. Our prediction for 2017 is that reward and well-being will become much closer bed fellows. Reward functions will have to drive a more innovative approach, using greater communication, tied in to both how the business is remunerating employees with a broader awareness of their overall well-being.
Decentralisation, the next frontier for Reward?: As a global reward practice we have the benefit of working with a huge variety of multinationals across the world. We predict a trend in reward positions moving away from the ‘mothership’, to a more decentralised model allowing reward leads to be based in other major hubs. This will be as a result of organisations committing to attracting top global talent as well as increased demand in flexible working patterns. This trend goes hand in hand with organisations wanting to increase their knowledge of regional trends, allowing them to have a better impact when designing and implementing a local reward offering.