Future of work demands paying for skills
Agile workforce management requires identifying, keeping and moving skilled talent. Advancing pay-for-skills practices can secure top talent at competitive rates and help future-proof businesses.
Rethinking compensation plans is a top-five agenda item for HR, with 36% of respondents citing it as a top priority.
Challenges
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It’s difficult to attract and retain the skills required to transform for the future.
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Our traditional compensation methods are not aligned with new workforce requirements for agility and flexibility.
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The lack of transparency in our compensation programs is an obstacle to building employee trust with the organization.
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We don’t know which skills are most valuable, and we’re concerned we’re over- or underpaying for the wrong skills.
Mercer’s Skills-Edge Suite can help you advance pay for skills
Pay-for-skills practices can lead to increased attraction and retention of critical skills. In addition, they can strengthen and reinforce other people initiatives, such as workforce planning, performance management and career development. Mercer products that can support pay-for-skills initiatives include:
Only 12% of respondents indicate that they formally monitor market demand for skills, but this figure is rapidly increasing with access to new data sources and technology.
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Watch our interviews on approaches to skills-based pay
In this interview series, several Mercer experts talk with IBM executives about the journey IBM has taken to plan and adopt a skills-based pay approach.
Watch our interviews on approaches to skills-based pay
In this interview series, several Mercer experts talk with IBM executives about the journey IBM has taken to plan and adopt a skills-based pay approach.
Skill-based strategies
Skills Library
Map thousands of unique skills to Mercer's Job Library, the fastest way to incorporate skills into your talent strategies.
Skill-based strategies
Skills Pricer
Attract and retain critical skills by advancing pay-for-skills.