Last year was a trying time for employees from all levels. But one thing that is certain: we have all become more empathetic and aware of our colleagues’ experiences.
Companies in general have realized the importance of a more human approach now, and will need to continue to do so permanently.
Over the next five years, global investment in human talent will be a staggering $1.2 quadrillion, which is 2.33 times the amount that will be invested into technology and real estate.
However, C-suite executives are still lagging in their ability to grasp just how crucial the employee experience is to a company’s success. But it’s still not too late to adopt a human-centric approach.
According to the Edelman Trust Barometer, 68% of employees think CEOs should be the leaders on issues of income equality and the ethical use of data.
Knowing this, business leaders need to do a better job of being transparent about the company’s operations, and recognize the value in instilling trust into their employees.
Over time, it has become clear that traditional compensation like salaries, annual increases and bonuses, don’t do much to boost performance.
That is why agile pay could be a more effective way of rewarding employees for doing well. Employers provide workers a percentage of pay to allow colleagues to award each other through a social recognition program.
Not only is this method more empowering, but it also helps nurture company culture and creates a strong sense of camaraderie.