It is estimated that 30-50% of an employee's total compensation is non-salary, but do your employees really understand their true compensation? With REWARDview they can, and that can make a world ofdifference in retaining your best employees.
REWARDview™ is our own interactive, cloud-based employee retention solution that provides a full and accurate picture of an employee’s total compensation, updated in real time and encompassing every element of their financial package. Roles-based and completely configurable to meet your specific compensation offerings, REWARDview allows an employee to look all of the variables that make up their compensation and even enables them to project compensation expectations over the next three years.
For employers, REWARDview is an easy-to-offer tool that has the benefit of detailing all of these variables that most employees fail to recognize (such as the percentage of health care expenses paid by the Company, value of insurance premiums, and other components such as tuition reimbursement, car allowances, etc.). With features such as the ability to access real-time value from third-party solutions like investment plans, they can get an accurate picture of the Wealth Summary, Savings Plans, health and Wellness Value, Deferred and Other Compensation, and more. They can even project future total compensation with our Walk Away Value calculator. Unlike anything else available, REWARDview has proven to help companies retain their best talent by better communicating the full value of their employment.
The #1 reason employees leave a company is pay, but leaving for an increase in salary doesn’t necessarily translate to an increase in compensation or value. Without that perspective, no wonder it’s often so easy for employees to consider a new job offer when even a small salary increase is offered. REWARDview can help to put this in perspective, reducing compensation-related turnover by up to 22%. REWARDview provides a transparent, on-demand, easy-to-understand picture of an employee’s total compensation including salary, investments, company-paid benefits, deferred compensation and equity grants, and more.
It allows them to see this information in real-time and even to project it to the future, creating what we call the Walk Away Value. This single capability has proven to be a powerful tool that can give an employee an understanding of their total compensation components and importantly, what they would be leaving on the table if they were to leave the company.
REWARDview is completely customizable to reflect the benefits you offer to
employees, and can include everything from salary and benefits to retirement plans, equity awards, company-paid expenses, vacation time, tuition or auto reimbursements…whatever it is that you offer and that often goes unnoticed. In addition, it can be branded with your logo, and can deliver one or more messages from senior management, changeable as you see fit.
We encourage our customers to deliver their own messages to personalize
the tool. We can guide you through this, or even create the messages for
you. One thing we’ve learned is that tying a message about the value that
employees bring to the organization with the total compensation summaries
that the tool provides is a powerful way to build employee engagement and
encourage employee loyalty.
Of course, you can change that message as frequently as you choose. It’s another way to stay in touch with your workforce and to tie your message and their contribution to their compensation overall.
With REWARDview, employees have 24/7 self-service access to their own total compensation portal saving valuable time for HR staff while keeping all employees more engaged and productive. A true strategic tool for employee retention unlike the annual printed compensation statements that many companies offer, REWARDview can provide total rewards information updated on an annual, quarterly, monthly, or even daily basis –the choice is yours. So, not only is it up to 50% less expensive than traditional reward statements, it’s 100% more timely and probably 150% more effective.
One of the great things about REWARDview is that it recognizes that different levels of employees often have access to different levels of company benefits. That’s why REWARDview can be customized to only show the benefits for which that employee is eligible.
But, REWARDview doesn’t stop there. The entire tool has role-based security, providing information access to the employee and to key professionals on your HR team only. So, you can select REWARDview for your employees, knowing that the sensitive data it contains can only be accessed by those authorized to see it.
Seamlessly integrated with your HRIS and any third-party data sources, REWARDview is easy to implement in your company. We’ll have you complete our compensation questionnaire and then allow us to us meet with your HR team regarding the benefits, PTO and other company offerings. From there we configure the solution to your standards, provide single sign-in access to your employees, and they’re on their way. We can even provide the communications to announce REWARDview to your employees.
Think of it this way…if you can retain one valued employee through REWARDview, the tool will have more than paid for itself!
REWARDview is an investment in your company and your employees. That’s because it provides a full and accurate picture of an employee’s total compensation, updated in real time and encompassing every element of their financial package. That eliminates the variables that most employees fail to recognize and becomes a tool for loyal and for at-risk employee to have a snapshot of all of the variables that make up their compensation and even project compensation expectations over the next three years. We look forward to having a conversation with you about the cost and value of REWARDview.