Your Monthly HR Newsletter

Companies are increasingly turning to personalization to keep up with workforce changes and deliver value to their employees.

Personalized employee value proposition (EVP) and benefits can attract top talent, as prospective candidates are increasingly seeking organizations that prioritize their well-being and offer tailored rewards.

In a competitive labor market where organizations are also focused on optimizing people spend, it’s especially important for firms to get their total rewards programs right.

Pay equity plays a crucial role in aligning with EVP. When organizations prioritize pay equity, they demonstrate their commitment to fairness in the workplace. In a move designed to close the gender pay gap, the European Commission is increasing pay transparency across member states. Here are steps you can take to prepare your firm now for potential global implications and opportunities.

Recent Aon pulse surveys tell us that employers are paying attention to personalization. A few of our leaders at Aon provide some clarity on what this means and how to execute:

"Post pandemic we know people are asking for better work/life balance and looking for purpose in what they do. The challenge is when people's expectations have changed, but what the employer offers hasn't. Some of our clients are finding this in their attrition rates. They can attract talent with a high compensation package but, six months in, they leave after they realize this is not the organizational experience they wanted."

Avneet Kaur Head of Advisory & Specialty, Health Solutions UK, Aon

In an ideal world, I think everybody can have a fully personalized EVP, but that is not practical right now. So, we need to find different types of common denominators. One way is through using data-led employee segmentation where customizing total rewards is more easily executed. At the end of the day, an organization must find a balance on what is feasible and cost effective.

John McLaughlin, Chief Commercial Officer EMEA, Aon

Case Study: Total Rewards and Employee Sentiments

We recently worked with a client experiencing high turnover, surveying their employees to better understand what elements of total rewards different parts of the workforce valued most. We reviewed the results with the client and made recommendations to customize elements of total rewards while still maintaining the framework of the firm’s EVP. Key changes were made to rewards packages for junior and mid-level colleagues — the segment of their employee population that had the highest turnover. These included additional flexibility to use and trade paid time off and shifting the pay mix. The survey found that the perceived value junior-level employees were getting from their incentive pay was not as high as more senior-level employees. These changes didn’t result in higher costs, but they delivered more value to the employees. What’s more, changes were guided by the client’s EVP, which values rewards that meet employee needs and provides flexibility and work/life balance.

“Today’s workforce expects to be able to make some choices on their compensation and benefits to match their lifestyle and needs,” says Mark Miles, a partner in Aon’s Talent Solutions practice. This is supported by our HR pulse survey data, with 72 percent of employers saying they are or are actively considering introducing flexible benefits in response to current talent market challenges. Read More

Michael Burke, Executive Chair of Talent at Aon provides his view on Risks and Opportunities in the financial sector.

Stefan Gaertner PhD , Partner and Global Lead of the People Analytics practice at Aon shares his views on a top-down vs. bottom-up workforce planning approach.

Aon’s Head of U.S. Retirement, Jennifer Brasher , welcomes a team of Aon experts for a look at strategies that can potentially improve retirement outcomes and increase retirement savings by up to two years of additional retirement income.

Marco Sneider , Director of Salesforce Effectiveness at Aon provides 5 elements to a successful sales effectiveness plan for 2024.