Long term changes impacting compensation packages

THE HR AGENDA: Long-term changes to employee priorities are now being slowly filtered into compensation and benefits packages across the region.

Digital transformation expert Laurence Smith has told The HR Agenda that employees want more than just a few extra dollars in their pay packets these days.

While non-cash perks such as brand discounts and workplace meals have long been incorporated into remuneration packages, Smith warns they are losing (or may have already lost) their retention value. According to Smith, the most sought-after perks are now workplace flexibility, mental-health support and financial-wellness support.

Smith advises organisations to be holistic in creating new compensation and benefits packages that incorporate these key changes in demands from staff. Employees are looking for something more personalised and something aligned to their family and personal lives. he said.

Hear more from Laurence Smith and Chief of Staff Asia's Paul Howell in the clip below, or see the full episode of The HR Agenda at this Youtube link.

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