8th reward management conference: Rewards in turbulent times

More than ever, we are living in a transforming world, implying challenges but also opportunities. In this respect and without having the ambition of being complete, let us highlight four societal trends. Firstly, we are in the midst of a climate crisis, implying a huge need for ambition, innovation and specific competencies. Secondly, digital transformation is reaching its full speed, together with the mainstreaming of Artificial Intelligence. In its turn, this provides challenges regarding the human-machine interaction. Thirdly, we see strong equality movements, bringing the topic of diversity, equity and inclusion high on the agenda of organisations. Fourthly, in order to tackle the menioned societal challenges, organisations need to reinvent their relations with and approach towards stakeholders. Stakeholder engagement, stakeholder participation (beginning with own employees) and (re)considering the organisation’s purpose, have become a key topic. On top of all this, the global pandemic has provided a huge experiment in homeworking, and has further stressed the importance of employee wellbeing and care.

All this has important implications for the way organisations address HR and more specifically rewards, now and in the future. Just to mention a few examples: inclusion of ESG (environment, social, governance) criteria in incentive contracts, equal pay, reward customisation/personalisation, the use of reward data, hybrid working, the new workplace, employee health and vitality, present versus deferred compensation (e.g., pension plans, coverages), and many others.

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