23 Nov Engage Your Employees with Total Rewards Communication
There is no doubt about it. Employees are the most important asset of a company and everybody from the line managers to HR heads know it. But despite this ‘top of the mind’ awareness, almost 80% of compensation programs fail to bring in the engagement and ultimately the ROI that enterprises would like to see at the end of the quarter. With market competitiveness steadily rising and prime talent being recruited aggressively, it is essential to convey the rewards that employees enjoy at your company in its entirety. And not stay limited to the zeros on the pay checks.
Why Have A Total Rewards Communication Strategy?
Simply put Total Rewards Communication takes employees beyond the line items and the dollars and pennies. It delivers the unique benefits that they enjoy from their association with the company in a very personal, one-on-one way. It is designed to make them focus on the value they derive from your generosity and the prospects of growth in the near future.
A robust benefits communication strategy that is delivered through the right total rewards software can have a great impact on a number of different key business areas:
- It can show employees the ‘intangible’ benefits and cut down turnover. Many times, workers who are introduced to a total rewards system realize that they have access to a lot of conveniences and perks, which they may not be utilizing. As the turnover rates worldwide are evident, it is important for employers to showcase the benefits and appreciation that they have for their staff.
- It can gradually lay the foundation of comp appreciation and drive motivation. There is no such thing as too much money. Employees will always want more. But as humans they are hard wired to respond to emotions. Make them ‘feel’ valued and cherished and they might forego better compensation to stick with your company. Employee benefit statements put the employees up front and center. They are contextual and relevant to sub-segments and thus strike home with their description of benefits. If the spark of gratitude is ignited in one individual, it can spread like wild-fire throughout the company creating a culture of engagement and appreciation.
3 Best Practices for Crafting Employee Benefit Statements:
The most important part of an effective Total Rewards Communication plan is an employee benefit statement. And companies need to take time to create these from scratch and not just plug and play with what is lying in the company database.
- Think of the benefit statement as a value proposition. And value is a subjective term. It varies from employee to employee. So before you sit down to type, know who works for you and what is important to them.
- Try and establish the fact that there is an ongoing relationship between the employee and the company and not merely a transaction where talent and money are the currencies. Talk about the career development opportunities and plans that you have in store to optimally develop the employees’ skills and push them up the corporate ladder.
- Build in some ‘Aha’ moments. Your employees are NOT aware of everything that their benefits cover. Talk about the frivolous (the paid vacations) and the important (maybe interest free medical loans) to create a mixed platter that is bound to interest everyone.
Total Rewards Communication puts employees and employers on the same page. It is an important tool that maximizes the impact of every comp penny spent by talking about the investment in terms of rewards reaped by the workers.
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 Total Rewards Software, REWARDview, click the button below!