What will the Reward function of the mid-to-late 2020s need to look like? What sort of skills will it need if it is to rise to the challenge of building the future-fit organisations of the coming decade? What must it do differently to build winning reward strategies?
PARC’s Building a Future-Fit Workforce report in September 2021 highlighted the critical factors that would make the political, social and economic environment of the 2020s very different from that of previous decades. Three years in and the 2020s have already thrown us a new and even greater set of challenges. The indications are that the decade will continue to be turbulent.
These headwinds provide both a challenge and an opportunity for the Reward function. Companies will need and expect greater pro-activity from their Reward professionals. Some of the received wisdom of recent decades will need to be unlearnt. Building organisational performance and resilience in parallel will be crucial. Many of the organisational and workforce challenges of the next decade are inextricably linked and require an integrated strategy.
This new set of challenges has profound implications for Reward professionals and will demand a changing set of skills – but also a mindset shift. In the words of one of our members, “These jobs are not for technocrats. They are for business leaders.”
PARC’s event and the accompanying report featured insights from thought leaders in business, RemCo members, senior Reward professionals and perspectives from executive search consultants specialising in Reward.
Watch the event sessions below. And all session slides are available here.
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