Companies prioritising career development opportunities

When it comes to rewarding employees above and beyond base salaries, companies are prioritising career development more than other alternatives, benefits and bonuses, according to new research by the Hay Group division of Korn Ferry, the global people and organisational advisory firm.

Nine in 10 organisations surveyed in the recent study employ four or more alternative methods of rewarding employees (including career development programmes, spot cash bonuses, health and welfare benefits, enhanced capital accumulation programmes, gift/merchandise programmes, community impact programmes, additional paid time off and other benefits/perquisites programmes) as part of their human capital strategy.

More than eight out of 10 organisations said alternative rewards are key to being an employer of choice (89 per cent), remaining competitive (87 per cent) and engaging employees (81 per cent). Eighty-seven per cent of the respondents also agreed that alternative rewards are an important tool in retaining the organisation's talent. Over the next year, 71 per cent of the organisations plan to increase their use of alternative rewards.