Towards a sustainable retribution approach that includes expectations of the working population

Abstract

The war for talent is sophisticating companies’ strategies to attract and retain the best professionals. In this context, retribution plays an equally important role when it comes to creating and increasing the decent employment rate, as set out in United Nations Sustainable Development Goal 8 by 2030. Therefore, it is pertinent to review the concept of remuneration so that it contributes to more sustainable and inclusive economic growth. Thus, taking into account the expectations that the population has about decent work, the concept of compensation has been extended from a purely monetary approach to acquiring a broader meaning that encompasses all the benefits perceived by workers in their employment relationship. In line with the results of some studies carried out for this purpose, this work argues the desirability of including such expectations in the definition of remuneration policies and, also taking them into account, in labor decisions, since they turn out to be highly motivating contributing to the increase in the productivity. Thus, after the analysis of decision-making in different work situations such as expatriation or the decision to pursue an MBA, it is argued that workers’ expectations play an essential role and should be part of a modern, sustainable, and inclusive definition of retribution.