22 Jul Why You Need Total Rewards Statement Software in a Changing Business Landscape
Total rewards statements were once viewed as a helpful way to drive engagement, commitment, and motivation in the workplace, but business experts are now rethinking their outlook. It turns out that communicating total rewards isn’t just advantageous in today’s rapidly changing business landscape – a total rewards statement is actually necessary.
Why Total Rewards?
According to Bloomberg, new technological developments and changes in demographics have encouraged organizations to take a different approach to total rewards. Employers are looking for new and creative ways to attract, retain, and engage top talent, and strengthening communication around total rewards is one viable way to do so. Moreover, many business leaders are incorporating total rewards statement software to facilitate an ongoing and simplified way to communicate information about employee benefits to employees.
An Ongoing Two-Way Dialogue
A recent article from Business & Legal Resources also touts the importance of taking an internal approach to strengthening total rewards. While many of your total rewards decisions may be based on data collected from external sources, it’s also important to establish an open conversation with employees about what they value most in terms of rewards.
Of course, you can’t create a dialogue about total rewards if your employees don’t even know what they are. You’d likely be surprised to find out how many of your employees are currently in the dark about all of the benefits your company provides. In terms of retirement savings alone, 59% of employees say that they need more guidance from their companies, according to Bank of America’s Workplace Benefits Reports. Think about all of the benefits your company offers – from health care plans to PTO and 401(k) savings plans. How many questions do your employees need answered?
Total rewards statement software allow you to accomplish all of the important objectives we’ve discussed here: it provides answers to your employees’ critical benefits-related questions in one location while also communicating the value of employment to drive retention and engagement. Because of its powerful capabilities, total rewards software is no longer optional – it’s now a must-have tool that organizations are depending on to secure their top talent for better business outcomes.
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!