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Watson Wyatt’s approach to introducing greater flexibility in organisations reward packages is to ensure that any change helps achieve both business objectives and satisfy employee needs whilst taking into account the evolving environment in which people live and work.
The relationship between employers and employees in the UK is constantly changing. Employees today are more financially aware, health conscious and mobile, they are less dependent on the Government and more environmentally conscious than ever before. Equally, employers are having to be increasingly flexible, focused, performance-oriented and conscious of their standing as an ‘employer of choice’.
The challenge is to deliver a sustainable reward programme which meets the needs of both employers and employees. Taken in this context the introduction of flex should not just be about offering employees a greater degree of choice but also about helping organisations achieve many of their HR, business and external market objectives.
Watson Wyatt has over ten years experience of delivering flex services, and our expertise includes:
Assessing the feasibility of introducing flexible arrangements
(from voluntary benefits to flexible reward) Designing and implementing flexible benefits/reward programmes Administering flexible benefits/reward Designing and implementing total reward strategies Conducting strategic benefit reviews Designing and producing total reward statements Reviewing systems and administration processes.
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Economic Capital framework