The technological revolution and speed of innovation is transforming the workplace at a rapid rate. Within this disruptive landscape, organizations are managing myriad challenges from global supply issues, rising operational costs and inflation to a talent shortage.
1. Facing a talent and skills shortage and an economic crisis
Post-pandemic, there have been record numbers of job vacancies. This has increased competition in the job market for employers, as skilled and experienced workers can be highly selective about their next move. Offering higher pay and benefits is one tactic to secure top talent, however, it is financially unsustainable and could make existing employees feel underpaid. Compensation has a role in talent strategy, but organizations need to use different levers, other than pay to attract and retain talent. One of the most effective incentives is work that offers development and challenge as it increases workers’ value and gives them an opportunity to meaningfully improve their lives at work and beyond.
This approach can also… [Download full version to read more]