Global reward market trends: a data-analysis
The global reward recruitment market is experiencing notable shifts due to economic changes, technological advancements and evolving expectations from employees.
Evaluating these trends through data offers valuable insights for both employers looking to hire in reward, as well as reward professionals considering the next step in their career.
This article explores the most significant trends in the global reward recruitment market, backed by recent data and statistics. If you’re looking to recruit in reward, or for your next reward role, please get in touch with our specialist reward recruitment team today.
The impact and integration of technology in reward management
The use of technology in managing reward is becoming crucial, with companies who adopt it now able to enhance efficiency and add personalization to reward systems.
A Deloitte report highlights that 67% of companies are investing in digital tools to manage rewards programs, including platforms providing real-time data and analytics.
As a result, we’re seeing a rise in demand for reward professionals skilled in digital tools and data analytics. Familiarity with reward management software and technological proficiency are key hiring criteria for a lot of our clients.
67
% of companies are investing in digital tools
continued emphasis on wellness and flexible benefit offerings
As companies aim to meet the diverse needs of employees, the demand for flexible benefits is shaping reward strategies to recruit and retain key talent.
According to a Willis Towers Watson survey, 68% of employers globally offer flexible benefits programs. PWC reports that 88% of organizations globally have incorporated well-being initiatives into their reward programs.
Employers are recruiting reward professionals who can develop and manage comprehensive well-being programs. Clients are increasingly looking for candidates with experience in designing and implementing flexible benefits packages with knowledge of various benefit options and customization skills are in high demand.
68
% of employers globally offer flexible benefit plans
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driving a towards total rewards approach that incorporates recognition
Compensation, benefits, recognition, career development and work environment must all be considered in the design of an impactful reward strategy.
According to Aon, 72% of companies are adopting a total rewards approach to improve employee engagement and retention.
There is a growing need for reward professionals who understand the holistic view of employee rewards. Companies are looking for candidates who can integrate a variety of elements to create a comprehensive reward strategy, particularly in linking reward to performance.
72
% of companies are adopting a total rewards approach to improve employee engagement
ensuring the incorporation of dei in compensation strategies
DEI considerations are influencing reward recruitment strategies, focusing on equitable compensation and inclusive benefits.
Mercer’s Global Talent Trends study reveals that 85% of companies are reviewing their reward policies to support DEI objectives.
The recruitment market is prioritizing candidates who have experience in creating fair and inclusive compensation structures. Expertise in conducting pay equity audits and designing diverse benefits packages are sought after.
85
% of companies are reviewing their reward policies to support DEI objectives
conclusion
The global reward recruitment market is evolving rapidly, influenced by technological advancements, changing workforce expectations and a greater emphasis on employee well-being and DEI.
Employers need to adapt their recruitment strategies to attract and retain top reward talent that can implement change, while reward professionals should focus on acquiring skills that align with these emerging trends. Staying informed and agile will be key to success for all professionals in reward.
To discuss these trends in more depth, recruiting in reward or your reward career, please get in touch with Brad Law today.
