Top 3 Insights from The Changing Face of Reward: Innovation and Impact Webinar
Our latest webinar 'The changing face of Reward: innovation and impact' was a huge success and the fact that it over subscribed so quickly, is a testament to who we had on the speaker panel and the value we promised to give our attendees. We were fortunate enough to have Sarah Leverson, Director of Compensation & Benefits, EMEA at Facebook, Nehal Bhayani, Director of Total Rewards at Farfetch and Matt Austin, Reward Leader - Previously VP of Reward at Monzo sharing their expertise in the field of reward and how they have been evolving with the changing business landscape.
The webinar was facilitated by HR Expert HR Expert and founder of EACH FUTURE, Derren Young and hosted by CMG's very own Sheryl Karpell, the Head of HR at Career Moves.
What the Reward focused webinar covered:
How the panel have helped their organisations get back to a form of normality as well as what their key learnings have been
What the trends are in Reward and where the opportunity lies in the future
How purpose and mission will be more important now more than ever as well as discussing how we can apply rewards or ensure an ongoing connection
The joy and the curse of benchmarking & sharing; offering unique rewards, benefits and experiences and developing the ideas around them
The panels views on performance management, incentives and other rewards, as well as what should be hygiene factors rather than drivers of performance going forward
Here are each of our speakers key insights on the shifting landscape of reward and how best to evolve with the times in order to create appealing workplaces to employees both present and future.
Sarah Leverson, Director of Compensation & Benefits, EMEA at Facebook.
There’s never been such a time of flux for HR, especially within reward as we all seek to evaluate our offerings in the COVID context for what is required in the longer term to attract and retain the talent our businesses need to fulfil their purpose. Even in such turbulent times, at FB we’re finding that expectations from employees and candidates remain really high about what they would like us as their employer to provide. One thing that’s really helping to navigate challenges, such as a push towards remote work, is having a clear philosophy to anchor back to, which is centered around fairness, the markets we operate in and helping employees care for themselves. This helps us step back and consider whether it is appropriate to permit a certain work arrangement, new benefit or compensation approach in a consistent manner and in the best interests of our overall culture.
Matt Austin, Reward Leader - Previously VP of Reward at Monzo
As we slowly emerge from COVID there is an opportunity for every company, irrespective of how they have fared through the pandemic, to reassess the reward they offer. An opportunity to ensure it is sustainable, supports the company they want to be, and, crucially, offers their people the things they need and value. It is also important to remember that reward does not exist in a vacuum. Now more than ever, companies should make sure that their reward compliments their people strategy and the overall direction of the company, which may well have pivoted as a result of COVID. By doing so it will mean they can maximise the investment they’re making in their people and reinforce the culture they want, and the company they aspire to be.
Nehal Bhayani, Director of Total Rewards at Farfetch.
Farfetch has a very strong culture which is centred around six core values. These values permeate throughout the organisation and, since the beginning of the year, have almost served as an anchor for all Farfetchers to lean on. One of our values is Todos Juntos, which translates to All Together. When it comes to the rewards and benefits we've introduced since the start of COVID-19, we've repeatedly come back to this - what can we do to help all of our people, whether it's their physical or mental health, family balance or adjusting to working from home - and in a way that supports our employees to know that we're all in this together.
As reward professionals, I think sometimes we look to benchmarking when thinking about total rewards, but recently we've had the most success when just considering what is best for our people.
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