Over the past few months, it is no surprise that the unemployment rate has significantly increased due to the COVID-19 pandemic. However, for Total Rewards and Compensation professionals, their unemployment rate remains relatively unaffected.
Why Were Total Rewards & Compensation Professionals Not Affected?
“Total Rewards professionals are not losing their jobs at the rate that other professionals are. It is still a niche skill set. Most of these professionals are currently employed because of their specialized skill set and they are hard to find. “– Josh Mensinger, Partner & Engagement Manager
With the unprecedented COVID-19 pandemic disrupting the foundations of the way we work, professionals in the Total Rewards and Compensation field play a vital role in their businesses. Total Rewards is an essential practice in every company that helps employees understand the overall compensation and benefits plan.
A survey conducted by TJinsite, concluded that 70% of the surveyed organizations stated attracting talent and retaining employees are the key benefits of a Total Rewards strategy. In addition, another 20% of employers felt that an effective Total Rewards strategy helps enhance the business output and financial performance.
A total rewards program constitutes all the tools a business uses to attract employees, including salary, bonuses, incentive pay, benefits, and employee growth opportunities. Right now, this is more important than ever. In a time of crisis, this becomes more challenging as companies need to reassess their compensation strategy and benefits. Companies are being forced to re-evaluate their compensation and benefits policies and practices given the financial condition of their company.
Total rewards and compensation professionals have always played an important role in a company’s operations success. Now more than ever, companies need to implement new or re-evaluate their current total reward strategies into their business operations, to thrive in the economy.
Trends During Covid
“Total Rewards and Compensation professionals have always been an essential asset to companies because of their particular skill set. We have seen that Total Rewards professionals are continuing to provide practical guidance to make positive impacts during this unprecedented time”. – Jeremy Gnozzo, CEO & Founder
Of our 75+ employees at Search Solution, we have a team of 5 dedicated headhunters that specialize in Human Resources, Total Rewards, Compensation, and Benefits. Especially now companies need these professionals and we can help.