22 May The 5 Key Objectives of a Total Rewards Communications Program
A great deal of time and effort go into creating the perfect total rewards program tailored to the needs of your employees and organization. While getting your program just right is essential to driving engagement and retaining your best talent, creating a strong communication program to accompany it is of equal importance.
Before you begin refining your approach to total rewards communication, here are a few key objectives to keep in mind:
- Awareness: Ultimately, you need employees to become aware of what it is that they’re receiving in terms of compensation. Allow them to see the all-encompassing nature of your rewards program – not just a few components.
- Understanding: It’s equally important – if not more so – to communicate the reasons why compensation decisions are made.
- Appreciation: Once employees understand the principles behind the rewards program, they’ll be more likely to appreciate it – and feel appreciated in return.
- Engagement: Employee disengagement is a serious issue plaguing organizations today. It’s linked to dwindling morale and poor performance. One effective way to engage employees is to increase transparency and show them the full scope of compensation.
- Retention: The cost of turnover is overwhelming, not only financially but also in terms of skills, knowledge, and talent. Engaged employees are more likely to be retained employees, so these last two objectives go hand-in-hand.
By keeping the aforementioned objectives in mind, you have the framework for a powerful and effective total rewards communication strategy. While taking the time to boost your communication efforts after you’ve already committed so many resources to building your total rewards program may feel like more added work, you’ll soon see that it only requires a few small steps – and that the payoff can be tremendous.
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!