02 Jun Introducing Our New Total Rewards Solution
It’s no secret that the more engaged employees are at work, the more they contribute to the success of the organization. But what drives the modern employee experience?
Invariably, the more employees feel engaged by their place of work, the more they will efficiently contribute to the company’s objectives. The numbers are in, according to a Gallup study, U.S. employers lose between $450 and $550 billion annually in productivity due to a disengaged workforce.
So then, the question is obvious: What prevents employee engagement at the office? Unquestionably, poor employee engagement is both serious and costly. Yet, there are countless numbers of organizations still struggling to apply the right solution.
What’s really important to your staff and prospective employees? Far more than just their annual salaries. In fact, compensation is just one piece of the pie. Employees also value company culture, approachable management, work/life balance, and workplace recognition.
With this in mind, how can you improve employee connection and enthusiasm? There are various ways to achieve this end, but one often overlooked method is to effectively communicate and offer the full value of employment.
HRsoft is proud to announce our new Total Rewards solution. We believe an organization’s workforce can be their biggest support network and one of their most profitable assets. As a result, we’re excited about our SaaS-based solution which ensures successful attraction, retention, and engagement of a satisfied workforce by enabling your organizations to effectively communicate the following:
- The total value of compensation
- A breakdown of employer-provided benefits
- 401(k) and employee contributions
- True visibility into benefits and incentives
Now, you can build stronger connections with your employees. Not to mention, our Total Rewards solution can help your organization win the hiring war.
Engage your workforce
At the core of every successful business lies an engaged community of employees. But, it can be difficult to achieve a community-like environment. If resources are limited, it can be even more challenging.
Alternatively, clear communication of Total Rewards helps to foster constructive conversations around the types of rewards employees value the most. At HRsoft, we understand that having visibility into the full spectrum of compensations and benefits is critical for attracting and retaining top talent in your industry.
Here is how Total Rewards is useful. Imagine your employees want a breakdown of their entire compensation structure. In addition, they want to access personalized statements. Perhaps they fill out a form and send a request to HR via email. We live in the always-on era, and waiting on HR isn’t going to cut it for the modern workforce.
With Total Rewards, every employee has access to a detailed and personalized view of their entire compensation package including:
- Bonuses and variable pay
- Equity awards
- Health insurance
- Life insurance
- Dental insurance
- 401k matching
- Paid vacation and holidays
- Education assistance
- Voluntary benefits
- Work/life benefits
- Charitable giving
- Any other benefits and incentives offered
It’s perfectly seamless when connecting with your payroll or HRIS. Further, our solution offers employee access – whether printed or online – anytime, anywhere. So then, your employee can view transparent documentation conveying the full value of their employment. It’s much more effective than waiting on a response from HR or going through masses of paper files.
There are several features built-in with our Total Rewards solution. First, employees can get a comprehensive view of their complete compensation package through one location on any device – even mobile. Second, there are customizable templates and branding to ensure an accurate reflection of your company’s messaging. Third, you receive up-to-the-minute details whenever an employee compensation package is updated which improves both engagement and retention.
For management, Total Rewards offers the ability to easily assess the current and historical costs of rewards programs through the storage of historical rewards cost and use data — giving you every detail of compensation and benefits. But, what happens in the event of manager turnover or a change in roles? Our Total Rewards solution has every piece of compensation data available to quickly get new managers up to speed. With direct reports, the leadership team can make strategic decisions around pay and have more meaningful conversations around compensation.
At HRsoft, we believe employees make up a business but it is rewards’ packages and their associated transparency that brings engagement back into the office community. Employees may have varying compensation packages, but it doesn’t make them any less meaningful or unique. Our Total Rewards solution is an easy-to-use solution with every possible feature you need to improve employee retention, engagement, transparency, and access to the comprehensive value of employment.
HRsoft is a leading provider of total rewards software that enables the continuous communication of the full value of employment to the entire workforce. For more information on our Total Rewards solution, click the button below.