News: Performance Management
Training investment set for growth in 2008
03 January 2008
Investment in training and career development is predicted to increase in 2008, as more companies put resources into non-pay related strategies to ensure that their staff remain as motivated as possible.
That is according to Mercer's 2007 European Total Rewards Survey, which reveals that 63 per cent of companies wish to keep their investment in base salary level and instead focus on other areas of performance management and enhancement.
Paul O'Malley, principal at Mercer, said: "In general, companies in western Europe are looking at increasing choice in rewards as a way of differentiating themselves from competitors.
Investing further in training and career development is one such tactic in talent management strategies. It is a positive trend and should help increase employee engagement and satisfaction."
The survey also revealed that attracting employees and ensuring that they are retained will remain one of the biggest challenges facing businesses in the New Year.
Some 85 percent of employers said that retaining high performers would be a key challenge over the next 12 months, while 80 percent said that attracting new talent would be very important.
