05 Apr Total Compensation Statement Software: Where to Begin
If your business is expanding or operating on a global scale, you may have considered your options for total rewards statement software as a way to make the compensation planning process simpler for HR. Yet, if you’ve never used this type of software or are unfamiliar with all that it has to offer, it can seem a bit overwhelming when you first begin to explore your options.
While your choice of software will ultimately depend on the needs of your organization, here are a few features that every good total rewards solution should offer:
- A Clear, Concise Compensation Statement: Your software should enable you to provide employees with a compensation statement that’s transparent and easy to understand, so that it communicates the total value of the compensation you’re providing. According to WorldatWork, the concept of total rewards has advanced significantly within the past decade. Still, that the means through which you communicate total rewards to employees shouldn’t be cryptic or unclear.
- An Ability To Engage Employees: According to a Deloitte study, the most important total rewards priority for businesses is the ability to align total rewards with business strategy by motivating employees, and as you know, motivated employees are engaged employees. Any effective software will facilitate communication among companies and their employees to promote employer branding and drive engagement. When employees understand just how much your company values them (because their total compensation demonstrates this), they are more likely to engage in their work.
- A Centralized Portal: Unfortunately, only about half of employees (52%) feel that their employers are effective when it comes to explaining compensation (source: Towers Watson). This is exacerbated by the fact that data is often distributed across a number of different systems. When selecting software, choose a solution that centralizes compensation and benefits information into one easy-to-use portal.
There are many other features you can consider when looking for a total compensation statement software, but these three should be considered critical.
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!