31 Jul 3 Ways Technology Can Boost Your Total Rewards Strategy
Your total rewards strategy is one of the most powerful resources you have for communicating the value of employment to your teams. Yet, unless your total rewards efforts actually reach your employees, it won’t make a measurable impact in terms of retention, engagement, recruitment, or any other indicators you’re focused on.
How can you make sure your total rewards efforts are paying off? Technology can help in the following ways:
- Improve the Employee Experience: Entrepreneur suggests that one of the best advantages of technology is its ability to improve the employee experience. In specific, a cloud-based total rewards platform can make critical benefits and compensation information easier to access from anywhere, at any time.
- Become “Data Fluent”: According to a recent story, becoming fluent in data is one of the most important ways companies can prepare for the future of work. You can make your total rewards programs more data-driven by using total rewards software to determine which components are used and valued most by your employees.
- Support Ongoing Communication: A critical aspect determining the success of your total rewards program is the frequency with which you communicate. If you only discuss rewards once per year, it’s not going to make much of an impact on employees. Yet, if you send them ongoing yet succinct communications following a strategic schedule, you can begin to develop a more powerful communication strategy. For instance, consider using your total rewards platform to send reminders about vacation policy information around the summertime, tax-related info during the first quarter, and so forth.
By allowing employees to access critical information through a comprehensive total rewards tool, you can dedicate more time and focus to more strategic initiatives while also simplifying process for employees. You can also use data retrieved from total rewards technology to make more informed decisions about programs moving forward. Most importantly, you can alleviate some of the administrative burden by using technology to support an ongoing total rewards dialogue with employees.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. For more information on our Total Rewards Software, REWARDview, click the button below!