Investment in training and career development is set to increase in 2008, as companies devote more resources to non-pay related strategies to keep their staff motivated and engaged, according to research.
Mercer’s European Total Rewards Survey 2007, which covered 200 multinationals, provides an insight into the rewards practices, objectives and challenges facing European organisations.
‘Total rewards’ is defined broadly as compensation, benefits and careers which drive employee engagement and motivation. The term includes training opportunities, career development programmes, short and long term incentives, non-cash recognition, work-life programmes, healthcare benefits, retirement benefits and base salary increases.
Paul O’Malley, principal at Mercer, said: “In general, companies in Western Europe are looking at increasing choice in rewards as a way of differentiating themselves from competitors. Investing further in training and career development is one such tactic in talent management strategies. It is a positive trend and should help increase employee engagement and satisfaction.”
The survey results are available online, free of charge, at www.mercer.com along with other resources to help employers plan their 2008 compensation strategy.