18 May How to Define Your Rewards Communication Strategy
In decades past, employee benefits were considered one of the key drivers for attracting the top employees in their field. Today, things have changed. People want more flexibility, they want environments that offer collaboration on all fronts, they want the opportunity to give back to their communities, they want growth, and they want a fair balance of both benefits and compensation. In addition, they want all of these things packaged nicely and communicated to them in a language they can understand.
Well, these sum up to the main component of total rewards. Yet, even if your organization offers a diverse mix of work and life benefits, it only matters if your team members realize the value. So then, how can your business articulate the right perceptions? Through personalized communication.
It doesn’t have to be tricky
To be fair, compensation communication can be complex – but, it doesn’t have to be. As a result, it is critical to have a strategy for how you intend to convey total rewards with your team members. Invariably, you are speaking to another human with wants and needs – what are they? Will your total rewards package be relevant to them? Read more for some helpful tips.
To start, send out a few surveys – perhaps conduct several interviews – to determine how, when, and where team members want to learn about their compensation packages. Then, segment your team members by relevant demographics, job roles, and more to ensure you can create a messaging strategy that feels personalized. When you know what motivates your team members, you can more effectively communicate the value of their total rewards package.
Paint this as the investment you are making in your team member, because that is exactly what this is. Emphasize how your company compensates your employees beyond their salaries. Taking this approach may open the eyes of more than just a few inducing an “aha” moment. When your team members realize how much you’re investing in their success, they are likely to develop a stronger attachment to your company and have more motivation to stay engaged and perform well.
Then, make sure you have a continuous communication strategy. Just like marketing, it may take several reminders a year to ensure your message is received.
Let’s face it, compensation is an emotional topic. So then, HR should focus on effective communication. Value is perceived, so make sure you communicate in a way that your team members can understand.
HRsoft is the trusted global leader in compensation management software whose COMPview solution is proven to control and simplify the full process and allocation of merit, bonus and equity awards to drive manager and employee engagement.