Preparing for the Future of Reward - RSA

Preparing for the Future of Reward

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  • Economy, Employment & Design
  • Economics and Finance
  • Employment

The world of work is changing fast. According to Martin Pfaendler and Dominic O‚ÄôKelly FRSA of TR2050, you only need to look back five years to realise how fast the expectations, locations, needs and management of the workforce is being transformed. What will 2050 look like?

Whatever happens in the decades to come, a critical aspect of employment will remain remuneration. It is a fundamental reason we go to work each day, but how will workers seek to be remunerated in the future? How will organisations incentivise their staff? What will Total Rewards look like for the future world of work?

There are key issues that need to be explored to answer these critical questions. How do companies create flexible, diverse reward structures that remain fair and transparent? Will they pay for competencies or skills? Future potential or project-based task completion?

Consider the impact of emerging technologies on the working world and it becomes clear how urgently we need to have dynamic, flexible reward strategies and frameworks in place to ensure organisations continue to achieve their business strategies, no matter what that future looks like.  

TR2050 is a global research and development initiative designed to envisage reward in the future. Global Heads of Reward, experts, academics and thought-leaders come together at our Think Tank sessions to provide answers to these critical topics. By exploring and discussing the latest research, while drawing on the industry insight and experience of Members, TR2050 is developing solutions for the future of work and reward.  

Many reward experts will tell you their current practices and frameworks are already archaic. Change is needed now. We must lay the foundations for the reward transformation that is critical to ensure all stakeholders remain satisfied amid the rapid evolution over the decades ahead.

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