Responsibility takes on a whole new meaning as organizations try to balance the welfare of their people with keeping their businesses afloat. Overwhelmingly we are seeing leaders putting their people first, and exhausting all other cost-savings options in order to retain their talent while staying solvent. A crisis like this is temporary, and those organizations that put people first now will keep their support in the future, as well as be prepared for the rebound when it happens. But this means taking a creative and agile approach to managing reward.
Only 15% of HR professionals say they're currently considering a reduction in benefits.
Every day, COVID-19 is raising new and complex questions for leaders and organizations to answer. Korn Ferry’s Don Lowman shares his perspective and advice.
As the economic and social impacts of the crisis affect organizations, adjustments need to be considered for executive remuneration arrangements – including possible adjustments to base salaries, modifications of annual incentive plans or payout opportunities, and compensation tied to longer-term organization performance. Working with executives, HR, shareholders and shareholder representative bodies, we support organizations swiftly and effectively to adjust to “now” and develop the right programs for the future.
We support organizations to adjust to “now” and develop the right programs for the future.
Total cost optimization
In crisis situations companies run the risk of focusing on short-term headcount reductions. But, removing the wrong roles or people or cutting too deeply into areas that drive value, will damage employee productivity and may have a negative impact on future growth. Our approach to total cost optimization looks at organizational inefficiencies while ensuring that critical value drivers are maintained. We identify roles with the strongest impact on executing strategy and realign talent to the future of work, before identifying ways to reduce human capital costs. And we assess reward programs using our online tools and analytics to ensure maximum value is gained from the total rewards spend, embedding a change management discipline into all work activities from the start.
Reward effectiveness audit
We help organizations understand how they can improve the overall effectiveness of their reward programs, while balancing fiscal, strategic, employee relations and litigation concerns, evaluating quality, competitiveness and robustness of reward programs, and alignment to new short-term and future business objectives.
We look at organizational inefficiencies while ensuring that critical value drivers are maintained.
We are helping organizations build and adapt sales compensation plans that motivate and rewards sales resources to meet and achieve revenue and profit goals during abnormal (and normal) economic times. Our analytical diagnostic and qualitative assessment capability allow organizations to understand overall sales impacts and design programs that link changing business priorities with salesforce goals in real time as the situation changes.
We work with organizations to review and restructure their current sales organization to better align with changing business plans and evolving sales talent strategy needs. We work with sales leaders to drive the overall efficiency and productivity of the salesforce and improve the cost effectiveness of selling efforts in both strong economic times and times of hardship.
We design programs that link changing business priorities with salesforce goals in real time as the situation changes.
We are tracking globally the actions companies are disclosing as they adjust reward amounts and practices in the current environment. Leveraging our global COVID-19 Pulse Surveys on Rewards Actions and Workforce Changes we’re using our consulting experience to offer clients a real time, detailed summary of trends and practices. Data is available by sector, geography, and employee level as well as tailored to reflect the considerations of local geographies and country rewards practices and local governmental actions to support businesses across all aspects of the workforce.
We’re offering clients a real time, detailed summary of trends and practices.
In our hands it’s more than just data. We use it to build the DNA of outstanding leaders, effective organizations, high performance cultures and game-changing reward programs. In your hands it can continue to inform smarter decisions backed by more than 4 billion data points, including:
– Over 69 million assessment results
– 8 million employee engagement survey responses
– Rewards data for 20 million employees across 25,000 organizations and 150+ countries