Attract and retain top talent by advancing pay-for-skills
Agile workforce management requires identifying, keeping and moving skilled talent. Advancing pay-for-skills practices can secure top talent at competitive rates and help future-proof businesses.
Challenges
- It’s difficult to attract and retain the skills required to transform for the future.
- Our traditional compensation methods are not aligned with new workforce requirements for agility and flexibility.
- The lack of transparency in our compensation programmes is an obstacle to building employee trust with the organisation.
- We don’t know which skills are most valuable, and we’re concerned we’re over- or underpaying for the wrong skills.
Rethinking compensation plans is a top-five agenda item for HR, with 36% of respondents citing it as a top priority.
Award
Best Advance in Practical AI
Mercer's groundbreaking Skills Edge Solution for Talent Management has secured the 2024 HR Tech Award.
Mercer Skills Edge solution can help you advance pay for skills
Pay-for-skills practices can lead to increased attraction and retention of critical skills. In addition, they can strengthen and reinforce other people initiatives, such as workforce planning, performance management and career development. Mercer products that can support pay-for-skills initiatives include:
Skills Library
Lay the groundwork for skills-based decision-making.
Skills Map
Use review and approval workflows to map skills and proficiencies to your jobs.
Skills Pricer
Determine which skills are most valuable to your organisation.
Watch our interviews on approaches to skills-based pay
In this interview series, several Mercer consultants talk with IBM executives about the journey IBM has taken to plan and adopt a skills-based pay approach.
Only 12% of respondents indicate that they formally monitor market demand for skills, but this figure is rapidly increasing with access to new data sources and technology.
Watch the replay
Leading with a skills-powered strategy - One iteration at a time
Following the successful webinar, we are excited to share the accompanying workbook and recording. This engaging session delves into the impact of incremental progress, starting from the ideation stage and covering topics such as gaining buy-in, prioritising investments and building a skills foundation.