Gartner EXP Says Stale and Aging Reward Practices Put Companies at High Risk of Losing and Failing to Attract a High-Caliber IT Workforce
STAMFORD, Conn., February 15, 2007 — The increasingly competitive environment to deliver value means that IT organizations must have the right people with the right skills and competencies to fulfill the needs of the business, drive new projects and keep the lights on. To accomplish this, they need effective reward programs in place to keep employees highly engaged and satisfied in performing and delivering desired results, according to Gartner Executive Programs (EXP), a unit of Gartner Inc.
“Although monetary rewards are very important, they are no longer the only important reward factor when it comes to developing a compelling employer value proposition,” said Lily Mok, research director for Gartner EXP’s human capital management content development group. “Non-monetary rewards, such as career development, recognition, and work/life balance, are increasingly effective in helping to create a more personally rewarding total work experience and contributing to a more engaged and satisfied IT workforce.”
Integrating work experience rewards along with financial rewards, including pay and benefits, to form a total rewards package is a balancing act. Other than pay and benefits, work experience rewards touch nearly everything that connects the individual to the company — from culture and work environment to acknowledgement of the employee’s effort and performance to accommodation to of the employee’s work/life balance needs. Meeting the needs of both the employee and the employer are where the balancing act is required.
IT and HR leaders need to pay specific attention to three key factors that will increase the chances of program acceptance across the organization. Focusing on these factors will help build a strong foundation for a successful implementation and ensure a greater and faster return on investment:
* Identifying and addressing the cultural change required to support the work experience rewards initiative
* Understanding that managers are the key link to successful work experience rewards initiatives
* Involving employees will greatly increase the chances for program success
“Regardless of the difficulty, a thoughtful and rigorous approach to measuring and optimizing return-on-investment in work experience reward programs can help an organization effectively allocate reward dollars as elements of the total rewards model that are proven to be drivers of performance, employee satisfaction and retention,” said Ms. Mok. “This, in turn, can help better enable an organization to attract, retain and engage desired talent to create value for the company, its customers and shareholders.”
For more information on purchasing the Gartner EXP Quarterly Trending Report "Leveraging Work Experience Rewards: The Secret To Engage And Motivate Your Workforce,” please e-mail firstname.lastname@example.org.
About Gartner EXP
Gartner Executive Programs (EXP) is a membership-based organization of more than 3,000 CIOs worldwide. Members benefit from the convenience of a single source of knowledge, one-to-one counsel, personalized service, the shared knowledge of the world’s largest community of CIOs and the assurance of Gartner objectivity and insight. Additional information about Gartner EXP can be found on the Gartner Web site at www.gartner.com/exp.
Gartner, Inc. (NYSE: IT) delivers the technology-related insight necessary for its clients to make the right decisions, every day. Gartner serves 10,000 organizations, including chief information officers and other senior IT executives in corporations and government agencies, as well as technology companies and the investment community. The Company consists of Gartner Research, Gartner Executive Programs, Gartner Consulting and Gartner Events. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, U.S.A., and has 3,700 associates, including 1,200 research analysts and consultants in 75 countries worldwide. For more information, visit www.gartner.com.
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