In Episode 3 of the Sparking Reward Navigator Podcast, join Bruce Fecheyr-Lippens and Pieter-Jan Boden as they delve into the importance of personalizing reward packages for employees.

 Reward Navigator Serie 2024 draws on data from 18,000 employees and 5,118 HRDs across 18 countries, making it Europe's largest annual HR research project. This year, SD Worx researchers focused on Payroll, Reward, and Time Management, exploring how these aspects of company strategy impact both employers and employees.

Tune into Episode 1 of the Sparking Reward Navigator Podcast, where our own Bruce Fecheyr-Lippens, People director and Pieter-Jan Boden, Reward director explore how SD Worx has crafted a reward strategy that not only meets but exceeds employee expectations.

Pay transparency is more than just a buzzword; it’s a critical component of a fair and equitable workplace. According to our research, internal equity (36%) and pay transparency (35%) are among the top challenges employers face on the reward front. Despite these challenges, only 37% of employees are satisfied with the transparency of their organization’s reward policy, and a mere 39% are satisfied with the communication about this policy and any changes to it.

Choosing the right flexible benefits platform is key to creating a reward strategy that truly resonates with your employees. Despite the clear value of non-financial benefits, only 38% of employers currently recognize their importance. Additionally, just 20% of employers are investing in a flexible composition of the reward package.

Providing flex benefits, or flexible benefits, is a smart reward strategy that enables employees to select from a variety of options that best suit their personal needs and life stages. Our research shows that simply offering a range of benefits isn't enough. Employees value the ability to tailor their benefits packages, ensuring they receive the most relevant support for their current situation.

Surprisingly, 38% of employers do not have or plan to offer any health and well-being benefits. This is a significant oversight, especially when 37% of employees are currently experiencing financial stress, a major contributor to overall mental health challenges. 

It’s a delicate balancing act: our research found that 43% of employers are struggling to find the sweet spot between offering attractive rewards and keeping labor costs in check. With 53% of employers noting that total wage costs are on the rise and the average salary increase projected at 11% for the coming year, the pressure is on to manage budgets wisely.

Ready to design a reward package that truly motivates your team? Our simple checklist walks you through each step – from idea generation and market research to customizing benefits and ensuring compliance. Follow the steps to efficiently build a strategy that aligns with your company’s goals and meets your employees’ needs.

Unlock the potential of your rewards program with our detailed step-by-step guide. Designed to offer clear and actionable instructions, this guide will help you navigate each phase with confidence and achieve your goals effectively.

When it comes to the rewards employers currently offer, we see a mix of both classic and trending benefit types. Key employee benefits include fixed salaries (received by 80.6% of employees), flexible working hours (50.3%), and study/training days  (39.4%). Additionally, benefits like gifts for special occasions  (34.8%), meal vouchers or allowances  (31.7%), and health and wellness programs (30.8 %) are also commonplace.

An effective rewards strategy should be centrally aligned to the goals and ambitions of your wider organization, through happy, considered, dedicated employees. So, it's alarming  that only 45% of employers believe their current reward policy positively impacts employee retention and motivation - because an effective reward strategy can actually be crucial to ensuring that you attract (and hold on to!) the very best people for the job.