In response to the ongoing coronavirus outbreak and its unprecedented impact to business and employers, i4cp holds a weekly series of standing calls to help Total Rewards leaders navigate this unpredictable time.
In addition to the meeting recording and notes please see these resources:
- The i4cp Coronavirus Employer Resource Center - new research and next practices to help address the COVID-19 pandemic
COVID-19 has led many organizations to rethink their total rewards strategies, and the use of data and analysis is a critical component of that effort. Jill St. John-Butler, corporate vice president of total rewards at AMD, was the Q&A guest on i4cp’s July 9, 2020 Total Rewards Leader COVID-19 Response call, joining dozens of total rewards leader to discuss the value of employee preference data in shaping their organizations’ reward strategies. Some highlights:
- Organizations are relying on data and analysis to determine what employees really value in terms of their total rewards, according to today’s first instant poll. When asked whether their companies depend on data and analysis for this purpose, 46% of participants on today’s call said their organizations rely on data and analysis to determine employee preferences with regard to rewards to “a significant extent,” with 31% saying their firms do so to “a moderate extent.” Just 15% said their organizations use data and analytics for this purpose to a small extent, and 8% don’t do so at all.
- These same organizations are making use of the insights gleaned from employee preference surveys when making reward strategy decisions. Close to half (44%) of respondents to another instant poll on today’s call said this information is “definitely a factor” in rewards strategy decisions, with another 28% saying it’s a moderate factor. Eleven percent said their companies do not collect employee preference data at tis time, but another 11% said their firms are considering using employee preference data.
- Roughly one-third of companies are expanding the number of paid holidays they offer to employees, and are revamping paid holiday benefits. Today’s third poll foreshadowed the theme of the July 16 Total Rewards Leader COVID-19 Response call, where Susan Handler, will discuss company holidays as part of our Q&A segment. When asked if their organizations have expanded the number of paid holidays they offer since January 2020, or revamped the paid holiday benefit, 33% said their companies now have more paid holidays, with an equal number reporting that there is “little momentum for change in paid holidays” within their company. Another 22%, however, say their organization is considering doing so for 2021, and 11% indicate that their company has revamped the paid holiday benefit in 2020.