13 Jun How a Compensation Management Solution Can Facilitate Employee Recognition
Money is a motivator; this is something that business leaders have acknowledged for decades. Recently, however, it’s become increasingly apparent that money alone does not have the power to engage and retain today’s employees, who seek more ways to feel recognized for their work.
The key, then, is using a compensation management solution that fairly and competitively rewards contributors for their efforts in a way that illustrates the company’s appreciation for employees’ dedication.
Employees Want To Feel Valued
Now more than ever, employees want to feel valued for the work they do. Management can achieve this through a compensation management system that rewards top talent for their above-and-beyond success. Not only will it make employees feel more appreciated, but it will also boost performance: according to HuffPost Business, associates who feel valued are more likely to put forth greater efforts at work.
How To Show Them Their Value
Implementing compensation management software can help you answer these questions for employees: What qualifies for above-and-beyond performance? What are the company’s expectations for me, and how will I be rewarded for meeting (and/or exceeding) these criteria? Having clear performance expectations is critical, according to Entrepreneur. Likewise, the ways in which performance will be rewarded should also be made 100% clear through the help of your compensation management solution. That way, employees will have a firm understanding of how they will be recognized and rewarded for their contributions.
Embedding Recognition Into Your Culture
Finally, once all employees have a firm understanding of how their efforts are recognized, it will create what Benefit News describes as a “culture of gratitude.” In other words, associates will see the ways in which their contributions are rewarded, and will thus be more likely to continue providing their best efforts to drive company results.
Money isn’t the only tool you can use to express recognition, but when coupled with a strong performance management framework, a compensation management solution can effectively show employees that they’re valued and that they will be continuously rewarded for excellence.
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. To learn more about our Compensation Management Software, COMPview, click the button below!