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Procuring and Rewards and Incentives for a Global Workforce

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

In the past, incentives programs were largely defined by Maslow's theory of needs and other human resources concepts. Factors, such as pay and non-cash incentives usually tended to dominate HR literature and research as the prime mover for promoting higher worker engagement and productivity. However, this is no longer the case. Despite greater globalization and integration of markets, factors such as cultural sensitivities, diversity of languages and customs, and the degree of individualism is playing a pivotal role in defining and determining what particular rewards, incentives, and procuring strategies work most efficiently.

As companies step into the future of attracting top talent, they must understand the vulnerability of using a one-size-fits-all HR and employee engagement policy to breach the talent gap and meet organizational needs.

The Rise of Freelancers

Owing to the improvements in digital technology and ease of employment opportunities online, the growth of independent workers or freelancers has risen substantially. Prospective job candidates no longer have to be present in the same city or country to be able to earn working for a particular company. Firms, on the other hand, benefit from shorter application processes through which they are able to recruit talent quickly and cost-effectively.

However, many employees still choose to work for companies based on long-term contracts to seek advantages of retirement fund, job security, and other financial and non-financial incentives. As such, the recruitment and incentive programs utilized by companies tend to be a difficult compromise between suiting two very different types of employees.

Millennials Taking by Storm

The growth of the millennial population is another crucial factor for paving the way to how companies choose to hire and reward their employees. Due to the fact that the millennial generation is larger in its population size than other types of workers, companies are forced to hire and incentivize them through new strategies and measures. Unlike in the past, firms are giving greater importance to entrepreneurship, training, innovation and values that can be manifested in their corporate culture and organizational brand.

Furthermore, owing to the demand of the more tech-savvy millennial generation, companies are also tapping into social causes and activities to expand their hiring and retention reach. For instance, recognition programs that involve the use of social impact are now being taken aboard to raise corporate relevancy and suitability for millennials.

Using Data To Create A Global HR Workforce Policy

There is a mesh of several factors that need to be taken into consideration to ensure an HR policy that is consistent across a wider employee pool. One of the most important, however, is the need to gather and monitor employee data in a concise and organized format that provides HR managers insights to both local and international factors.

Cloud-based employee management software, such as Global Reward Solutions provide a toolkit that consists of an efficient dashboard to provide all crucial data under one view. With it, you can create a holistic workforce policy to achieve a significant improvement in your hiring and retention objectives.


This article was written by Romalyn Casia for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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