Total reward has served its time because it has not delivered joined-up reward strategies that are relevant to employers and employees.
Martha How (pictured top), partner at Aon Employee Benefits and Duncan Brown (pictured bottom), head of the UK performance, reward and talent consulting practice at Aon Employee Benefits, will discuss why total reward is redundant as a philosophy, and the way forward for employers and employees globally at Employee Benefits Live on 24 September.
The session ‘Total reward thinking today’ will cover how employers are currently trapped by four core issues, market practice, cost control, engagement and duty of care, and why they continue to believe in benefits myths around total reward, which was created 20 years ago.
How said: “The issue with total reward is that change is a constant. On the increase are retirement ages, cost of houses relative to earnings, inflation ahead of earnings growth, debt, the cost of old age and NHS waiting lists.
“Yet annuity rates, the value of state benefits, interest rates and job security are all decreasing.
“Total reward cannot live up to its promise, not least when employees are largely split into ‘haves’ and ‘have-nots’, with around 75% of many workforces in the latter category.”
Brown and How also said that current thinking also has to change to meet the needs of employers and employees.
Employee Benefits Live will take place at Olympia National in London on 24 and 25 September 2014.