Why Do Growing Businesses Need Total Rewards Statement Software?

total rewards statement software

Why Do Growing Businesses Need Total Rewards Statement Software?

You already know that communicating total rewards to employees is a critical business practice. When employees understand all of the ways in which they’re being compensated, they begin to understand their value, and therefore are more likely to perform consistently well. But do you really need total rewards statement software in your company?

While each company’s software needs vary from the next, there is a growing need for better transparency in nearly every industry. And that applies to employee benefits statements, too. Employers can’t simply assume that their team members know how they’re being compensated. They must clarify total rewards statements and answer any questions employees may have as they arise.  Beyond that, here are a few specific reasons why you might want to implement this type of software in your company:

  • It Clarifies Your Health Plan: Having a succinct health plan that’s spelled out financially on your employee benefits statements is beneficial to both employees and the company. If you’re supplementing mandated healthcare packages with employer-provided healthcare (and most companies are), you’re boosting efforts to attract and retain high performers by making their health a priority, according to business.com. Of course, if you fail to communicate how your health insurance plan benefits the employee, your efforts are essentially wasted.
  • It Illustrates Alternative Rewards: According to Human Resources Online, 73% of survey respondents believe that alternative rewards will become more important in the next five years. While a creative total rewards strategy can drive talent acquisition and retention efforts, it’s only as effective as your ability to communicate it. The best total rewards statement software offers both communication tools, such as employee polls, as well as calculation tools, to ensure that rewards are easy for employees to understand and effectively driving business results.
  • It Gives You An Edge Over The Competition: Most employees are well aware of what various employers in their industry are willing to provide in terms of pay and benefits. Business Bee states that 57% of private employers offer more benefits than those mandated by legal requirements, so if you fall in that category, you’re offering more benefits than what 43% of other employers provide. Employee benefits statements created with the help of software can help you illustrate this fact clearly for your team, thereby demonstrating how you’re staying competitive in your market.

 

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!

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