The Reward Navigator 2024
In Europe’s biggest survey of its kind, we asked over 5000 HRDs and 18,000 employees to tell us about their company’s reward and benefits strategy. The responses shed new light on what employees want from their remuneration package—and where employers are still missing the mark. Explore below to discover the biggest insights from the research, along with four milestones to reach on your journey to reward success.
Where should you start with achieving pay transparency?
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?
Reward | True Pay Transparency
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.
Reward | Flexible benefits for all
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 | Balance reward budgets
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.
Reward | Set a Reward Strategy
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.
Why is pay transparency important?
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.
How do you choose the right flexible benefits platform?
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.
What are flex benefits and why are they important?
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.
How should employee benefits support well-being?
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.
How much should you spend on salary vs. employee benefits?
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.
Reward strategy checklist
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.
Reward strategy guide
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.