Think Tank Stockholm

Thank you to Uwe Kilian from Essity, for hosting us in beautiful Stockholm.

In our latest session, we explored the various technologies being utilised for Reward. We found that while there are numerous options available, none fully meeting the needs of the Rewards profession. Consequently, we depend on multiple, often disconnected systems, highlighting an opportunity for developers to innovate.

We examined many common assumptions, such as the belief that "merit pay drives business performance," we were able to review preliminary data analysis with Haig Nalbantian, Fermin Diez and Ben Shenoy providing valuable interventions, guiding members on how to use their existing data to challenge these assumptions.

The first step in our workstream is to identify these assumptions, which often masquerade as "truths" and go unchallenged. This exemplifies the immense power of our group: sharing insights and experiences to help others shift the status quo towards innovative #rewards approaches. The TR2050 community is currently running 25 assumption tests.

Our personalisation of pay session highlighted that personalised pay structures hold significant potential for differentiation and employee satisfaction, but they must be implemented with caution. Key points include:

1. Fairness and Transparency: Companies must first ensure fairness and transparency in their pay systems to support effective personalisation.
2. Simplified Models: Utilising simplified, persona-based choice models can offer meaningful personalisation without overwhelming employees.
3. Employee Feedback: Listening to and integrating employee feedback is crucial for creating appreciated and effective compensation packages.
4. Default Options and Demographics: Providing default options and considering employee demographics can balance personalisation with manageability.

Overall, personalised compensation should be approached thoughtfully, prioritising fairness, simplicity, and employee engagement to maximise its benefits.

Asha Nataraja from Shopify lead a fascinating workshop on their personalised pay program. Special thanks to Steve Brink for supporting this session.

We concluded with a panel discussion on the evolution of pay expertly facilitated by Ben Shenoy. While progress varies across different areas, we are moving forward.

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Visit the 'documents' area to view the session recordings.

And watch the panel discussions from Stockholm here.