09 Nov How to Effectively Set Goals for Total Rewards Communication
The reason for developing a Total Rewards Communication system is pretty straightforward: you want a simple, effective way to relay information about employee benefits statements to your associates so that they can see the full picture of how they’re reimbursed for their hard work and commitment. Yet, because each company is different, it’s important to factor in your organization’s specific goals while determining the strategy for total rewards communication.
Here’s how you can set your Total Rewards Communication goals in a way that reflects your company objectives:
Step 1: State Your Goals
Identify your goals, and develop a plan to address those goals. It doesn’t have to be elaborate, but clarify up front what you want to accomplish with your Total Rewards Communication statements or online site. In other words, make the business case.
This clarity of purpose will help in sharing the strategic and tactical elements when building your Total Rewards Communication. What are the number one and number two goals you are trying to achieve? State them directly and let those goals be widely known throughout organization. Including managers from other departments in this process can build support for the Total Rewards Communication.
Step 2: Identify Your EVP
Some employers tie Total Rewards Communication to an organization’s Employee Value Proposition, or EVP. Human resource services and consulting firm Towers Watson defines the Employee Value Proposition as: “What is offered by an employer in exchange for the productivity and performance of an employee. It includes the entire employee “experience” from their rewards and benefits, to the opportunity for career development and also the more intrinsic elements of management style, work environment and culture.”
Simply put, it’s “the give and the get.”
According to research, organizations that do the most work developing and executing their Employee Value Proposition achieve superior financial performance.
Step 3: Learn From Examples
Here are examples for Total Rewards Communication goals:
- Increase retention
- Upgrade the relationship between employer and employee
- Have employee better understand and appreciate the benefits provided
- Let employees know the amount of money paid by the company on their behalf for health benefits
- Support the alignment of efforts by associates with rewards
- Create awareness and get more people to participate in the 401(k) plan or other plans
- Build more engagement among employees
- Have associates understand more clearly how bonuses are earned and allocated: Pay-for-Performance
- Introduce more transparency in the rewards area
- Reinforce a culture of engagement
- Support employees throughout the employment life cycle
- Acknowledge contributions and recognize achievements
- Ensure that employees feel valued
- Show that the opportunities ahead can be valuable and rewarding
Keep in mind that the best way to determine your goals for a Total Rewards Communication strategy is to keep it simple. There’s no need to overcomplicate the process, simply determine which objective(s) your company must prioritize, and structure your system around that.
For more information on our Total Rewards Software, REWARDview, click the button below!