As organizations seek to attract and retain top talent, Members discussed rethinking compensation strategies during the fifth session of a labor market series recently with PwC.
This episode of the series, sponsored by the Human Resources Committee, was moderated by Energy Workforce COO Molly Determan, with speakers Jacob Train, Advisory Associate, Edie Reid, Director – Workforce of the Future, and Robert Purser, Partner, Rewards & Well Being, all with PwC. The session was sponsored by Strategic Partners Chevron and Schlumberger.
Train kicked off the presentation advising that many employees are rethinking what work means for themselves. PwC has seen that companies have success by cultivating specific cultures that best reflect what their employees want and center the employee experience around decision making.
“Optimizing the employee experience is the way to go to attract and retain talent, especially in this current environment.”Edie Reid, PwC
Usually, additional financial compensation is considered when retaining talent, but Reid said that other benefits, such as upskilling, work-life balance, career progression opportunities or work that is meaningful or impactful to a community also move the needle. According to PwC’s 2022 Hopes and Fears survey, employees say cash is top of mind but not an absolute factor when considering a new job.
“No one is going to win the cash game,” Purser said. “Whether it’s Amazon or Google or another big tech company that’s going to throw money at the problem. So what can we do? What’s important to think about? Whether employees find their jobs fulfilling or can truly be themselves. Do they find themselves isolated or feel as if they don’t fit in? The intangible side of employee retention is what we’re seeing on the rise.”
Companies are continuing to adapt their cultures to best reflect what is most important to workers in the post-pandemic world in order to retain and recruit talent. This includes not only remote and flexible schedules, but opportunities for career advancement and training resources.
Members spoke to the challenges and changes their companies have implemented, including cafeteria plans, short- and long-term incentives, financial education coaching and changes in vacation accrual. Purser said according to recent surveys, flexible work and hybrid work opportunities are still the number one items employees are searching for as lifestyles and locations change.
“Listening to employees is key. There are a lot of new tools and technologies that you can utilize to get better information that is certainly going to help your organization to be successful.”Robert Purser, PwC
Join Energy Workforce for the last session in this series, Modernizing the Moments That Matter: What is Your Employee Experience, on August 10. Register now.
For more information on joining the Energy Workforce Human Resources Committee, contact COO Molly Determan.
Roni Ashley, Director Operations, writes about the Energy Workforce’s membership, workforce development and more. Click here to subscribe to the Energy Workforce newsletter, which highlights sector-specific issues, best practices, activities and more.