Sizing up Digital Talent’s Impact on Compensation
HR leaders today are well aware that attracting and retaining skilled digital talent is one of the top challenges for organizations globally. According to Willis Towers Watson’s recent Artificial Intelligence and Digital Talent Compensation Survey, nine out of 10 employers across all regions surveyed have issues attracting and retaining digital talent.
That scarcity of digital skills, in turn, is the main factor driving rising demand for “digital natives,” those who grew up with new technology. The primary challenge here is organizations need to take a different, non-traditional approach in terms of compensation and reward strategy for digital roles and skills.
Marc McBrearty, North America practice leader for rewards data and software, says that digital professionals who have skills in blockchain, artificial intelligence and mobile, for example, are receiving the highest salary premiums, with a median of around 15% of base salary.
“Digital talent, especially those with specialized skills, can have a significant impact on an organization’s transformation journey,” he says. “Having a differentiated reward offering will send a signal to digital talent that the employer recognizes their potential and does not subscribe to a one-size-fits-all philosophy.”