Innovative rewards solutions to help solve problems of tomorrow

This article is brought to you by Willis Towers Watson.

SkillsVue, a first-of-its kind, interactive analytics platform by Willis Towers Watson enables organisations to see the impact of skills on pay for digital talent.

A thriving business ecosystem, bravery and ambition to set the pace for tomorrow, and solutions to match the demands of a function that is evolving faster than it has ever before – these comprise the foundation of a valuable partnership between today's CHRO and their HR solution provider.

Cue, the award-winning team at Willis Towers Watson that has been crowned gold winners in the categories for Best Total Rewards Consulting and Best Employee Engagement Platform at the 2019 HR Vendors of the Year awards, organised by Human Resources Online.

Having been assessed by a jury comprising HR practitioners on the parameters of performance, product, people and perspectives, this achievement is a testament to Willis Towers Watson's unique offerings that combine high-quality data, advisory & software — the dynamic formula underpinning innovative rewards solutions.

Skill-based pay modelling at your fingertips: SkillsVue output example(swipe between the images below to know more):

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The next level of innovation: SkillsVue

Close to nine out of 10 organisations across APAC are facing challenges with both attracting and retaining digital professionals, according to Willis Towers Watson’s Digital Transformation Practices Report.

Traditional role-based job classifications are unable to meet the demands of the fast-evolving digital landscape. As skills are projected to become the ‘currency’ of the digital economy, compensation professionals should consider re-examining their benchmarking practices to include a strong view on skills.

To help address those challenges, rewards professionals can now choose to go beyond pure role-based compensation frameworks and use SkillsVue — the new platform from Willis Towers Watson that enables you to understand the impact of skills on pay for digital talent.

SkillsVue combines pay data from Willis Towers Watson’s Artificial Intelligence and Digital Talent Compensation Survey with proprietary machine learning algorithms that collect, extract, classify, map and analyse publicly available job posting skill information, to represent the most complete vision, to date, for skill-based benchmarking. It is an interactive analytics platform where you can model and instantly visualise the impact of individual skill permutations on pay.

Why the focus on digital talent?

Digital literacy is today's new currency, which has proliferated across several industries and roles, including HR, marketing, and finance.

It has, thus, become, imperative to understand and value the impact of skills on the compensation of digital talent, and cast aside traditional philosophies HR professionals have so far been using.

Companies can no longer rely on traditional approaches, such as job titles and grades, when they hire and reward digital talent. In the new economy, skills are the relevant currency.

As affirmed by Shai Ganu, Executive Compensation, Global Practice Leader and Managing Director, Rewards Business Leader, Asia Pacific, Willis Towers Watson: “Companies cannot be expected to solve tomorrow’s problems using yesterday’s tools. That’s why we developed SkillsVue - a first-of-its kind, interactive analytics platform enabling companies to see the real-time impact of skills on pay, for their digital talent.”

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SkillsVue is currently available in Singapore, Hong Kong and the United States and will be made available globally soon. 

How can you benefit from SkillsVue's insights and optimise your compensation spend for digital talent? Click here to find out more! 

 Willis Towers Watson is the leading provider of market information related to compensation, benefits, executive pay, HR policies, and it goes beyond data to provide deep insights and advisory services to its clients.

Backed by its proprietary products and methodologies, Willis Towers Watson offers a range of rewards services, such as total rewards optimisation, job architecture and levelling, and incentive risk assessment; while on the executive compensation front, it provides board & remuneration committee advisory, short- and long-term incentive plan design, and more.

All of this delivered by a team possessing years of experience and comprising former corporate HR and rewards heads who are passionate about practical, implementable solutions.