FUTURE OF REWARD
Reward set to go green
An increasing regard for green issues will mean that bonuses will need to reflect environmental impact. What’s more, greener options will become the norm in flexible benefits plans and there will be a reduction in company cars. These are among some of the predictions made by Michael Rose of Rewards Consulting in an article examining how he sees the future of reward over the next five to ten years.
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Rose has identified six themes and for each he suggests the impact on reward. The themes are:
employee engagement
generation Y
social networking
life expectancy
environment
shareholder pressure.
A final word
“Environmental issues have now become mainstream. We have or are reaching a tipping point. People are (being forced to) look at their carbon footprint at home and expect to see their companies implement changes to save energy. We will move to considering the ‘whole carbon footprint’ of products and of people: home, travel, work. This will continue as an important issue and will have further implications on how people are employed.” - Michael Rose, Rewards Consulting.
Want to know more?
Title: The Future of Reward, by Michael Rose, Rewards Consulting, July 2010.
Availability: The three-page report is available in PDF format from michael@rewardsconsulting.co.uk.
Rewards Consulting advises organisations on how to make their reward strategy more effective. It says: “We can review, redesign and help you communicate bonus and incentive plans, recognition and other non-cash plans, basic pay systems, benefit programmes, performance management and total reward arrangements.” For more details visit www.rewardsconsulting.co.uk.