20 Jan How to Make Your Total Rewards System Work for the Long Haul
If you’ve decided to implement a total rewards system in your company, you’re probably already aware of the advantages it will bring you: improved retention, higher engagement levels, and better productivity (among many more, too!). This is all a result of an ongoing communication system that routinely illustrates the value of employment to your workforce.
As you may be aware, rolling out the total rewards system will require the brunt of the work in the beginning. You’ll need to dedicate some of time and manpower to strategically implementing a total rewards system that has potential to last year-round (instead of being practiced as an annual “event,” as with employee benefits statements.) Making it work for your organization in the long run depends on three important factors:
Starting With a Purpose
Total rewards systems provide many advantages, but narrowing your focus on one or two key outcomes from the get go will give you and the rest of the team members involved a clear direction. For instance, your main goal might be to attract new talent. Or, it could be to reduce turnover. Oftentimes, the purpose that companies choose intends to solve their biggest pain point.
Total rewards systems are preferable to offering employee benefits statements alone because they aren’t outdated, and instead take an ongoing approach to rewards communications. With that said, to ease yourself into a total rewards system, you may want to focus on making updates only quarterly, and then increase frequency from there.
Connecting to Core Values
Offering a total rewards system to employees organically enhances transparency. It can also act as a means of upholding any other core values your company may have, because you can use strategic branding to incorporate them.
As long as you adhere to the three guiding principles listed above, you should find that your total rewards system is both sustainable for the long haul and effective in helping your company achieve the powerful outcomes that are most important right now.
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!