Remuneration: Money (still) makes the world go round

BY David Benyon

This article first appeared in Insider Engage on 22 January 2021 and the following excerpts have been re-produced here with their kind permission.

Talk of a permanent post-pandemic shift towards flexible working has yet to be accompanied by a change in how (re)insurance executives are remunerated – and big bonuses are likely to stay.

The coronavirus pandemic has already accelerated acceptance of radical changes to the working life of the (re)insurance industry. Last year, the pandemic caused people to reappraise their work-life balance, with many employees now wanting the option to work more flexibly – and that sentiment has endured.

While the traditional office routine is more likely to be in hibernation than stone dead, the shift to new ways of working has inevitably put a new spin on employee motivation. And those new ways of working – whether completely remote or hybrid/flexible – might also necessitate a rethink about whether traditional employee incentives are aligned with the changing approach to attracting and retaining talent.

“We’ve had candidates request confirmation that flexible working will remain after Covid,” says James Cooper, a director at executive search consultancy Damhurst & Co. “People are voicing their boundaries in reaction to a Zoom culture of people presumed to be constantly on call. Someone has asked for three days in the office, so they don’t want to be at the whim of their manager. Someone else said they aren’t contactable in the evening, for example, but that won’t go into their contract,” he adds.

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