SEPTEMBER - 2022HR TECH OUTLOOK19CXOInsightsIf you are one of the millions of Americans who has been working from your home office or your kitchen table for the last year, you know this truth: The working world will never be the same. The COVID-19 pandemic has fundamentally shifted the way we work, our expectations about work-life fit and our relationship with our employer.Realizing this, employers are considering their next steps carefully. What are employees' new expectations? What will keep them happy and motivated, whether they are in the office or at home? How can organizations continue to attract and retain talent?The biggest question may be the total rewards package. How should employers manage compensation, benefits and the other elements of total rewards in this new working world ­ and how does our recognition of a `hybrid' work environment change that? The answer won't be throwing new benefits into the mix, nor more compensation. New hires, for example, will immediately be asking how much of their job they'll be performing from home. It will likely be a strategic move into considering what individual employees really want ­ with more moving pieces than ever.A WORKFORCE WITHOUT WALLS CHANGES THE TOTAL REWARDS DYNAMICAlthough the number of people working remotely skyrocketed during the COVID-19 pandemic, the number of people working remotely has increased 140% since 2015. And a small percentage of global companies are fully remote, with no HQ office anywhere. Even in traditional companies, one survey reported that 96% of employees would be happy to continue working remotely at least part of the time. Once an organization allows its workforce to move permanently outside the office, the culture of work changes. Workers stop building the costs of commuting into their day or their budget. They may be less distracted by coworkers or lunch breaks. On the employer side, the competition for talent increases when you draw from a larger pool of national talent. And workers' expectations on pay, benefits and corporate culture change as well. Joe Torella, President, Employee Benefits and Ashley Thomalla, Senior Consultant at SilverStone Group, Hub InternationalByHOW WORKING BEYOND THE WALLSAshley Thomalla
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