Companies should rethink their employee reward strategy, given that over the past ten years, work-life balance and learning and career development have tripled in employee preferences, while financial rewards have declined by 24%, the analysis suggests. PwC conducts the global labor market. Over the same period, the importance of medical, wellness, life insurance or child care benefits has doubled.
What advantages do Romanian workers have when choosing a place of work?
Two out of three employees say they feel their manager or employer doesn’t hear/listen, which can have a devastating effect on productivity and retention, according to the PwC Global Workforce Hopes and Fears survey. In addition, 85% of employees said the pandemic has affected their well-being, and 60% say it is the most important criterion they consider when looking to change jobs.
So, despite the pressure on wages, especially with last year’s record inflation, employers need to look beyond financial rewards and be more attentive to employee preferences and develop personalized offers. There are many other non-financial ways to recognize effort, reward performance, attract staff and retain talent, and employees are driving this change.
A study conducted by PwC in Romania last year on the preferences of Romanian employees when choosing a job (PwC’s Workforce Preference Report Romania 2022) shows that only two of the top 10 preferences are related to financial elements. Yes, at the top of the list is flexible working hours, then base salary, medical benefits, management style of the direct boss, promotion based on performance and reasonable evaluation criteria, working from home, training for the development of digital skills and business. , the nature of the work – to be interesting and challenging, honest and open communication from management and a fair and transparent remuneration system.
Read the rest of the article on the PwC Romania blog
The article is signed by Mădălina Trif, senior manager of PwC Romania
Article supported by PwC Romania
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.