What creates reward and progression strategies that your people value?

Pay remains the biggest incentive for workers. 56% of UK workers say pay and benefits are a top priority and cost-of-living pressures are cited as the biggest strain on workers at 59%. Leaders already navigating their way through today’s challenging market conditions know that simply increasing all pay across the board is easier said than done. And taking a closer look at the individual as much as the job role could pave the way forward.

There’s always a blend of non-financial rewards that can incentivise people alongside their pay. A good first step would be to survey your people to understand their preferences and motivations. Is it training? Flexibility in their work and time off? And how much of their financial compensation should sit as base pay versus performance related bonus?

Reward is not valued equally. UK workers who feel they are in strong demand rank skills and learning (20%) as well as career progression opportunities (25%) higher than their coworkers (11% and 18% respectively). They’re more likely to value positive working environments and relationships (42%). Less in demand workers are more likely to place a premium on job security (47% vs 39% for in demand workers).

An analytics exercise to further map your range of benefits to life stages such as getting a mortgage, or having children can help you create a benefits package that gives employees the choice to build the right answer for themselves.