WHEN PEOPLE THRIVE, BUSINESSES THRIVE

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1 HEALTH WEALTH CAREER WHEN PEOPLE THRIVE, BUSINESSES THRIVE CURATE A DISTINCTIVE EMPLOYEE VALUE PROPOSITION DAVID WREFORD Partner, Career JULIA HOWES Analytics Leader, UK and Europe

2 THRIVING IN AN AGE OF DISRUPTION THRIVING ORGANISATION THRIVING WORKFORCE THRIVING INDIVIDUAL Success Redefined Resilient and Agile Positive Societal Impact Diverse and Adaptive Inclusive and Growth Focused Committed to Wellbeing: psychological, physical, financial Growing and Contributing Empowered and Connected Healthy and Energised MERCER

3 4 STEPS TO GET THERE BUILDING A THRIVING WORKFORCE PEOPLE STRATEGY VALUE PROPOSITION WORK ENVIRONMENT DATA-DRIVEN MINDSET CRAFT CURATE CREATE CULTIVATE A FUTURE-FOCUSED A COMPELLING A THRIVING A LAB PEOPLE STRATEGY VALUE PROPOSITION WORK ENVIRONMENT MINDSET MERCER

4 SURVIVE OR THRIVE: CURATE A DISTINCTIVE EMPLOYEE VALUE PROPOSITION MERCER

5 EMPLOYEES WANT TO BE TREATED LIKE THE ORGANISATION S BEST CUSTOMER COMPENSATION IS STILL KING HEALTH AND WELLNESS STEERING MY CAREER WORRYING ABOUT MONEY MAKING WORK WORK #1 way to positively impact me at work 53% want more focus on health and wellness 1 in 3 do not feel empowered in their careers 13 hours per month per employee spent worrying at work 56% want more flexible options and 77% would work on contract basis Source: Mercer 2017 Global Talent Trends Report MERCER

6 TAKE A HOLISTIC VIEW PURPOSE Create staying power through a UNIQUE proposition with purpose Connect me to our company s mission and vision Provide me with meaningful and fulfilling work Help me feel like I belong here CAREERS WELLBEING Create a DIFFERENTIATED experience Support me with my career journey Provide me with flexibility to make work work for me Help me manage my physical, financial and emotional well being COMPENSATION BENEFITS Provide a COMPETITIVE compensation and benefits offering Pay me fair and competitively Reward my contributions Provide programs to manage my health and wealth MERCER

7 THE EVP MUST BE INSIGHT LED PERSONALISED AND FLEXIBLE HOLISTIC AND INTEGRATED COST EFFECTIVE AUTHENTIC AND ENGAGING Above all, the value proposition must connect with employees as individuals HOWEVER 50% DON T REFLECT THE EXPERIENCE OF WORKING IN AN ORGANISATION 66% DON T DEFINE A UNIQUE PROPOSITION 51% ARE NOT DEFINED 78% DON T INFORM REWARD PROGRAMMES ONLY 25% OF ORGANISATIONS HAVE MORE THAN ONE EVP MERCER

8 BECAUSE EVERYONE S ON A UNIQUE JOURNEY LIFE STAGES EXPLAIN MORE DIFFERENCES THAN GENERATION Millennials Generation X Boomers 22 Firsts job, apartment, car benefits/ insurance Pay off student debt 28 Get married Take on debt for graduate education Fitness/ wellness 33 Have children Take on a mortgage Health or dependent health event/ illness 38 Pay for children s education Pay for dependent care Possibly single income 45 Career advancement/ possibly career transitions College planning Sabbatical? 50 Eligible to make catch-up contributions Paying for college! Midlife crisis! Trip of a lifetime 55 Eligible to make catch-up contributions 59 1 / 2 In-service withdrawals Penalty-free distributions / 2 Able to claim public benefits Eligible for Medicare benefits Managing my expenses in retirement Basic, Leisure, Risks, Emergency, Legacy Minimum Required Distributions A research driven approach to understand the specific needs and requirements of your unique population. MERCER

9 CASE STUDY 1 PERSONAS TO ADDRESS UNIQUE SEGMENTS Mutuality is important, people are able to commit to differing degrees Increased commitment provides higher predictability and continuity The value of the deal should be proportional to the level of commitment The difference in the offer should encourage greater commitment. Predictability of availability Willing misfits Vocationers Regulars Intermissioners Risky misfits Continuity of Mission. MERCER

10 CASE STUDY 1 TARGETED VALUE PROPOSITIONS INTERMISSIONERS Anchored on a common PURPOSE Saving the world s most vulnerable people VOCATIONERS You give Project culture CAREER PURPOSE WELL- BEING Life-threatening We invest Growing leaders CAREER PURPOSE WELL- BEING Balanced portfolio COMPENSATION BENEFITS COMPENSATION BENEFITS Remove barriers to volunteering Maintain continuity with home Sufficient and slightly variable Global standards support continuous employment MERCER

11 CASE STUDY 2 TYPE OF WORK % SELECTED THINKING BACK TO WHEN YOU FIRST JOINED ONE, WHICH OF THE FOLLOWING ASPECTS OF YOUR EMPLOYMENT PACKAGE DID YOU FIND MOST ATTRACTIVE? WHICH ARE MOST ATTRACTIVE TODAY? Type of work is cited most frequently as a factor of initial attraction and also comes out on top in terms of what is most attractive to employees today Most Attractive Initially Most Attractive Today MERCER

12 CASE STUDY 2 WORK SCHEDULE ATTRACTIVENESS INITIALLY ATTRACTIVENESS TODAY IMPORTANCE SATISFACTION Ranked #4 overall Ranked #3 overall #2 Ranked for hourly 78% satisfied 27% 28% MERCER

13 CASE STUDY 2 COMPENSATION ATTRACTIVENESS INITIALLY ATTRACTIVENESS TODAY IMPORTANCE SATISFACTION Ranked #3 overall Ranked #6 overall Ranked #1 overall 49% satisfied 23% 31% Greater turnover likelihood Those who receive a pay increase within a given year are more likely to leave MERCER

14 SOCIAL MEDIA MAY NOT BE YOUR FRIEND variety rewarding support world-class learning dynamic valued interesting challenging CO.X WEBSITE What are you telling candidates? GLASSDOOR What are your employees experiencing? turnover good-pay micromanaged low-morale Poor-leadership uncertainty rewarding ageing good-hours unstable old interesting work-life balance top-down disappointing frustrating security inflexible cold out-of-touch bureaucratic local depressing unfriendly traditional MERCER

15 THE OPPORTUNITIES REPUTATION AND BRAND ATTRACTION ENGAGEMENT RETENTION Company reputation Attracting top talent More engaged employees Decreased unwanted turnover Solidify your reputation as an employer of choice Higher volume and better quality of candidates Employees connected with the your mission and the work they do each day Reduction in absenteeism and presentism Improved better quality of hire and decreased quickquits Increased discretionary effort Personal relevance of the value proposition MERCER

16 JOIN US FOR THE REST OF THE SERIES PEOPLE STRATEGY IT STARTS WITH YOUR PEOPLE STRATEGY: RECORDING AVAILABLE VALUE PROPOSITION CURATE A DISTINCTIVE EMPLOYEE VALUE PROPOSITION: TODAY WORK ENVIRONMENT DEVELOP INSPIRING, AGILE AND INCLUSIVE LEADERS: 24 JAN 2018 CARE FOR PHYSICAL, MENTAL AND FINANCIAL WELLBEING: 14 FEB 2018 CRAFT ASPIRATIONAL AND MEANINGFUL CAREERS: 15 MAR 2018 DATA-DRIVEN MINDSET CULTIVATE A LAB MINDSET WITH ANALYTICS AND INNOVATION: 25 APR 2018 MERCER

17 WE ARE HERE TO HELP YOU THRIVE Get in touch to speak to one of our experts today. We can help at any stage of your journey. Slides and additional content will be ed after the session uk.mercer.com MERCER