Since legal requirements for time tracking came into force, many businesses have some kind of workforce management solution in place out of necessity. In a lot of cases, it’s the easiest and cheapest way they could find to remain compliant—whether it’s online, on paper, or a bit of both. While this may solve the problem in the short-term, it might be surprising to realise just how much it can cost a business over time.

The benefits of organising working time and a reduction of the number of working hours have yet again been confirmed by a study carried out by the International Labour Organisation (ILO). The implementation of an innovative and proactive policy stands to benefit the employee and the company alike.

Getting started with pay transparency means kicking things off with clear and open communication about your reward policies. While many companies are already diving into this, there’s still plenty of room for improvement. Our research shows that fewer than two-thirds of employers are fully up-to-date on the legal rules around pay transparency, which should be the backbone of your approach. So, where does your company stand compared to the rest?

Join us for the final episode of the Sparking Reward Navigator Podcast, where Bruce Fecheyr-Lippens, People director and Pieter-Jan Boden, Reward director delve into the intricacies of achieving true pay transparency and equity.

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.