Rewards Summit 2021 – Rewards Transformation In The New Now
October 25, 2021
Talentnet exclusive webinar: Rewards Transformation in the New Now hosted by Talentnet Corporation provided an interactive online platform for HR Professional and Business Leaders to discuss a new and agile strategy and implementation plan from prominent companies, shifting the viewpoint and breadth of developing an effective and flexible Compensation & Benefit approach in line with this new normal context.
Rewards Summit 2021 is proud to reorganize the names of the world’s top Speaker, business Leaders, and Experts:
Ms. Hoa Nguyen, Talentnet Senior Principal shares with us the “Market Exclusive update Total Remuneration Survey 2021 Vietnam”. According to Ms. Hoa Nguyen, transforming business models and generating a future workplace are all elements that must take place rapidly in the context of a worldwide “life with Covid-19 “.
Check the informative document from Ms. Hoa Nguyen, Talentnet Senior Principal right here:
Ms. Kulapalee Tobing, Regional Industry and Solutions Leader – APAC from Mercer Singapore shares with us about 2021 Regional Compensation Trends changing in the context of pandemic”. In the presentation, Ms. Kulapalee Tobing emphasized the importance of proactively supporting mental well-being of employees. A few companies in APAC are offering financial incentives to employees to get the vaccine.
And in fact, this is not done by the government, but by wealthy business owners to encourage their employees to go for vaccination. Employers also offer incentives such as free vaccinations, pre-vaccination health check-ups, vitamins allowances, gifts or care packages, or even gold to their employees.
The disruption caused by the recent pandemic has provided companies a unique opportunity to rethink their total rewards philosophy. Based on the recent survey, 60% of global organizations are planning to review their total rewards and benefits strategy.
Let’s catch the trend of Regional Compensation changing in the context of pandemic through Ms. Kulapalee Tobing here:
Mr. Kabir Nath, Principal from Mercer Singapore shares that according to reports from Mercer, many organizations are now thinking about moving into a skills-based talent rewards model.
Thanks to the Internet, people today have a lot of knowledge and thus create new technology. That is affecting the way we behave every day. The relationship between knowledge, technology, and behavior is also growing. And that’s why skills are becoming increasingly important.
This year, 54% of companies say flexibility is at the heart of their transformation agenda – flexible working, flexible work and flexible working models. Without a move towards more agile work structures and skills-based thinking, this is difficult to accomplish.
One change is the reality of jobs losses, the impact of layoffs, and the acute awareness that people need skills to stay relevant and need to work for employers that are invested in their future. This is making the skill-based environments highly attractive for top talent.
These are the new skills tools – Mercer Skills Edge – we’ve launched in the market:
- SKILL LIBRARY – Skills Library is a Mercer-curated set of skills added to Mercer Job Library in order to select skills that will augment your job definitions. Mercer curates the skills from a variety of supply, demand and government sources.
- SKILLS PRICER – Skills Pricer is a self-service offering to select a job and determine the relative market value of all skills related to that job. This skill-based market value approach allows organizations to determine what is needed to attract and retain in-demand talent.
- SKILLS PAY PLANNER – Skills Pay Planner is an AI-driven tool designed to arm organizations with intelligent pay – at the employee level – based on the company’s custom business and pay strategy, which may include skill proficiency, scarcity, criticality and other related data.
Ms. Daniella Allan, Regional Consulting Leader from Mercer Marsh Benefits Asia shares with us on “Addressing Employee Benefits Needs during & post Covid-19″
Now more than ever, health and wellbeing are the cornerstone to an engaged and energized workforce with many employees grappling with the personal challenges of balancing their work life and personal responsibilities. Prior to Covid19, a staggering 63% of employees felt at risk of burnout and as a result 46% of employees are less likely to leave their job if their employer has made meaningful differences during the pandemic.
In our 2021 Health on Demand report, across Asia the number of employees who feel their employer cares about their wellbeing dropped to 48% from 54% in 2019. We have also seen a drop in the overall global results however in Europe and Canada we have seen an increase during this period. To address the decline we see in Asia, the more diverse health, risk protection and wellbeing resources you can offer to your employees, the more loyal and productive your workforce will feel.
In conclusion, to address any challenges your organization may be facing, you may want to consider enhancing the physical, social, financial and emotional well-being support you offer employees to boost engagement and resilience.
Mr. Tran Le Minh, Director of Hanoi Branch from Dragon Capital Vietnam shares with us the topic: “A Collateral Benefit of Covid-19: Little Time to Map Your Future!”
Vietnam economy recovered mainly in the manufacturing sector while the service industry struggled amid 4th Covid wave. By 2022, the GDP is forecast to rise from 7.5% to 9.6%.
In the context of more and more young employees entering the labour market in the turbulent world living with COVID, we have seen and been shared lots of significant changes regarding ways we compensate and bring benefits to employees. Change is undeniable, but change brings confusion and insecurity to our workforce when they have not been upskilled, reskilled and enhanced their capability to the new now. It is very right time to introduce the new benefit: pension, which hopes to guarantee stability, safeguard employees health, especially their financial one.
Explore more about “A Collateral Benefit of Covid-19: Little Time to Map Your Future!” from Dragon Capital here:
Local Survey insight on workplace & rewards change post covid by Ms. Trang Vu – Business Development & Services Excellence Leader | Talentnet Corporation
Download document about workplace & rewards change post covid, here:
Panel Discussion: Creating and Decoding the future working model
- Ms. Nguyen Thi Quynh Phuong – Director of HR Consulting Business | Talentnet Corporation
- Mr. Ngo Hung Phuong – Managing Director | DXC Technology Vietnam
- Ms. Trinh Mai Phuong – Vice President, HR | Unilever
- Ms. Quyen Le – Cluster Director, HR Business Partner SEA & ANZ | Coats Phong Phu
- Mr. Tependra Lohumi – Associate Partner and Leader of Digital | McKinsey & Company
Creating and Decoding the future working model from top-notch CEO and HR Experts point of view is a discussion that helps businesses learn from practical experience/expertise in dealing with all of the covid19 changes to our ORGANIZATION: The Changing Work Model including the Work Model Employee work, Productivity & Value Model, Leadership Model, Reward Model, Talent Model… To adapt to the new reality.
Review The Panel Discussion here: