The pandemic fundamentally changed business as we know it, forcing companies to adopt new remote work models and prompting employees to reevaluate what they want from their employer, leading to last year’s Great Resignation.
It has been a trying time for everyone, but if there’s one encouraging takeaway, it’s the growing awareness that a satisfying employee experience is not just an HR strategy, it’s an integral part of the business strategy.
The CEOs I speak to are more focused than ever on taking care of their teams and keeping them connected, engaged, and satisfied so they stay and grow with the company. A big part of that effort is evaluating and optimizing the 70%+ of total spend invested in their people.
With over 40 percent of the global workforce surveyed last year considering leaving their employer, these leaders know that the cost of attrition is meaningful and having a fair and equitable rewards program that keeps up with pay growth, needs, and expectations in their sector is critical to attracting the right talent. They want to know:
- How does their compensation relate to the market?
- Are they leveling positions appropriately?
- Are benefit plans and perks meeting employee needs?
- Where exactly is attrition or growth coming from? Which departments? Which geographic areas? Which tenure levels?
The heroes leading this charge are the HR Leaders our teams work with every day. Many have gone back to the drawing board to measure what’s happening across their company’s existing programs, and design and implement more personalized plans that efficiently support employees’ diverse needs yet remain flexible enough to change as conditions change. At Sequoia we call this holistic approach Total People Investment®.
What they tell us is that they not only need a trusted source of information about where they currently stand with compensation, benefits, and utilization, but they also need access to real-time benchmarking to spot risks and opportunities early and make quick informed decisions. They want to make sure they’re turning all the right knobs to attract and retain the best people and meet their business goals.
At Sequoia we’ve leaned in heavily to our awesome service teams and Sequoia People Platform to make sure we’re both meeting the needs of our team members and attracting the right employees to serve as trusted advisors to the more than 1,700 clients who depend on us to get the most value out of their people programs.
If our collective struggles with COVID-19 and remote work have taught us anything, it’s that our people are the greatest asset we have and investing in them makes our business that much stronger and more competitive.
