Effectively communicate to your current and future employees the total value of the compensation and benefits you provide with a total rewards statement and realize better employee engagement and performance.
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Back in the 90s, a major global telecom company needed a way to tell customers when they lost phone calls. Just like that, SMS was born. Soon after, it was available to the masses and before we knew it text messaging became the way people communicate with each other.
As evidenced by Vodafone’s implementation of SMS, innovation sprouts from the smallest seedlings. These seedlings are so easy to plant, as well – it just takes rethinking the way we do things. For employers, the innovation process has to start from the inside out.
Martin Migoya, CEO of Software giant Globant, recently published five ways companies can grow a culture of innovation inside the workplace. Take a look at what he’s come up with as you think about tending to your work culture.
1) Align Every Employee Toward the Same Purpose
Do you think any Duke basketball player is confused about what they’re playing for each season? At that level, it’s championship or bust. That singular purpose comes from the top-down. Employers can be their company’s Coach K by creating workplace atmospheres that align every worker to the same goals and empowers them to achieve those goals.
It costs to keep talent at work. From the benefit programs your employees receive to the desks they sit in every day, your investment in human capital is substantial. There’s a phrase for it, too. In India, it’s called cost to company (CTC), the total cost you pay to keep your workers employed, and it doesn’t necessarily translate to take-home cash. In fact, workers may only get 70% of their cost to company in hand. Tax deductions, company accommodations and group or medical insurance all contribute to an employee’s CTC. You can learn more about what goes into talent’s cost to company by visiting India’s HR Success Talk.
So how does India’s cost to company salary quote relate to your total rewards program? Two words: value communication. Your employees have a cost to company as well, you likely just translate into a total compensation program. But having a comprehensive view of what you’re actually paying to keep talent in their seats gives you the perspective to communicate those expenditures as values your employees receive.
Rather than showing a print statement ripe with deductions, you can deliver engaging total compensation statements positioning those deductions as benefits in areas like career advancement opportunities, stock options, health and wellness and more. What’s more, this type of comprehensive value communication can lead to benefits in other areas of worker retention and engagement.
Today’s burgeoning job market favors job-seekers, increasing the need for employers to recruit, retain and engage employees. Due out now, our new TotalRewards Software statement solution enables companies of all sizes to do just that by giving them the tools to make employee value fully transparent and accessible – which has benefits for both employees and employers. Read our full press release here.
More than being an upgrade from the original total compensation application, our new total rewards statement platform is the result of keeping an ear to the grindstone of evolving employee expectations to see their total value expressed in more than just dollars and cents. But, as much as our new total compensation statement solution has to offer employees, it has just as much to offer employers, namely improved analytics so execs and managers can better market their total rewards programs and track ROI.