World at work total rewards model

The future of work is here. From the shift to Millennials and Gen Z in the workforce to the advent of the Fourth Industrial Revolution and the Gig Economy, the world of work and rewards has significantly changed since the initial WorldatWork Handbook was published. Human resources and total rewards professionals need tools to equip them to manage a changing workforce. This completely revised second edition addresses the challenging and disruptive issues facing employers today and tomorrow.

The WorldatWork Handbook of Total Rewards is the definitive authority on compensation and rewards from the leading global nonprofit organizations for professionals who are engaged in the critically important practice of total rewards. This book is a go-to resource for all business professionals and leaders who reward and create productive, committed and inspired workforces worldwide. Readers will learn the basics of rewards, along with a deep dive and high-level view of how rewards programs enable organizations to deliver on their brand promises and perform at their optimal level.

• Gain a thorough understanding of compensation and benefits, along with employee well-being, development, and recognition, all updated to address the realities of today’s workplace.
• Understand why the Millennial and Gen Z workforce requires a different value proposition, and how to meet their needs.
• Discover the tools and techniques you need to help you reskill and become a highly valued workforce contributor and leader in the digital era.
• Learn how to attract, retain, and engage talent by building a healthy workplace culture and employing unique incentives that drive high performance and loyalty.

Technical enough for specialists but broad in scope for managers and HR generalists, this well-rounded resource belongs on the desk of anyone interested in organizational effectiveness. An indispensable tool for understanding and implementing the total rewards concept, The WorldatWork Handbook of Total Rewards, Second Edition is the key to designing programs and practices that ensure employee engagement and organizational success. 

New ways of working, shifting skill requirements and changing employment relationships are transforming the workplace. Are your total rewards keeping up?

Getting total rewards right can mean the difference between competing effectively in the global talent marketplace and being left behind. A consumer-grade total rewards portfolio of pay, benefits, wellbeing and career programs serves as a catalyst, driving attraction, retention and engagement of talent essential to your business success.  Yet, in many organizations, total rewards are not evolving quickly enough to keep pace with the new world of work.

Identifying the forces reshaping the workplace

WTW helps organizations address the issues and trends that are reshaping the workplace and increasing the pressure on employers to modernize their total rewards:

• The digital transformation of the workplace, redefining how, where and by whom work gets done.

• The changing expectations of a multigenerational workforce that values transparency and a personalized, consumer-centric talent experience.

• New legislative and regulatory developments that are driving changes in areas such as pay equity and the broader inclusion and diversity agenda.

• An urgency to deliver an improved ROI.

We can show you how to take these factors into account in the design and delivery of your total rewards strategies and programs. 

Building a differentiated total rewards portfolio

The following levers can help you build a total rewards portfolio that sets your organization apart from the competition:

• Think strategically.  Because it takes more than compensation to motivate and engage talent, leading organizations think strategically and incorporate all total rewards components – pay, benefits, wellbeing and careers – into their offerings.

• Take a future-focused approach to rewards. In a fast-paced, agile work environment, organizations need to focus on rewarding talent with skills critical to their future success. This also involves identifying reskilling pathways for individuals whose work will be affected by automation and who have the potential to acquire new skills.

• Understand what workers value.  Insights from segmentation and survey analytics enable organizations to understand the rewards that key talent groups – including contingent workers – value most and to develop programs tailored to meet their needs.

  It’s also essential for employers to recognize employees’ heightened expectations around pay fairness and transparency in how reward decisions are made and communicated.

• Deliver a consumer-grade experience. Today’s employees increasingly expect to be treated like consumers in the workplace. When it comes to total rewards, this involves making savvy use of technology to provide more choice, flexibility and personalization.

• Measure cost and impact. Given the significant investment organizations make in total rewards programs, it’s crucial to have an accurate measure of financial return as well as impact on employee attraction, retention and engagement.

  Organizations who see the value of more sophisticated analytics can use tools such as total rewards optimization to measure the proportion of spend on key talent segments and assess which rewards have the biggest impact on employee attitudes and behaviors. This approach helps avoid the risk of investing in the wrong programs. 

• Prioritize inclusion and diversity.  It’s critical for employers to develop a formal inclusion and diversity framework so that total rewards programs can better meet the needs of a diverse workforce and promote an inclusive culture.

These measures will guide your organization in developing a differentiated total rewards portfolio, thereby enhancing your ability to compete for high-value talent.

WTW is committed to helping your organization build and deliver total rewards programs that bring the highest possible value to your key talent groups at the most economical level for the organization.

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