No one wants to feel like a number. In fact, people are evaluating their careers and overall job satisfaction by a new set of metrics. This is especially true of up-and-coming generations. Employers are facing a paradox: how can they create a unique and personalized employee experience while also making it scalable and affordable to manage? To solve this unique challenge, many employers are turning to the power of a personalized total rewards statement.
As the demographic of today’s workforce continues to change, new motivators affect how a company attracts employees. In addition, the appeal of the nomadic gig economy poses a serious threat for companies trying to retain top performers who value the freedom of a freelance lifestyle. Despite these fundamental changes in the job market, a study conducted by MetLife finds that customized total rewards statements are a useful tool in both attracting and retaining employees in today’s job-seeker market.
Personalization Matters to the Team
In the past, total rewards statements were a once-a-year occurrence. With the rise in “on-demand” everything from banking to shopping, people have become accustomed to being able to login and manage their lives via a customizable, online system. Employees value the ability to check their total rewards statements anytime, anywhere. Providing access to personalized statements whenever needed serves a dual purpose: it provides an opportunity to deliver a personalized experience that employees have come to expect and it allows employees to validate their value within an organization on-demand.
Competing for Talent in an Employee Market
There’s little doubt that today’s job market is driven by the job-seeker. As candidates grow more sophisticated with the way they receive information, attracting today’s tech-savvy candidates requires understanding their motivators and appealing to them. Similar to static total rewards statements, job offer letters have become forgettable. Today’s candidates want to feel great about a possible job offer. They want to feel like they’re working for a forward-thinking company that truly cares about employees as people, instead of cogs in a machine. Offering customized, digital job offers complete with a flushed-out compensation statement can be an essential component to establishing an attractive company culture, increasing the chances of landing top talent.
Whether your challenge is employee retention or it’s attracting talented job candidates for hard-to-fill positions, it’s possible that the level of personalization in a total rewards statement can make a huge impact on how your company is portrayed in the minds of today’s on-demand, tech-savvy workforce.
See You at the 2017 Total Rewards Conference
If you want to learn more about the current tech-savvy workforce and how to attract them to your organization meet up with us at “On Their Terms: Engaging Millennials (and Your Entire Workforce)” at the #WorldatWork 2017 Total Rewards Conference in #WashingtonDC. See you there!
On Their Terms: Engaging Millennials (and Your Entire Workforce) – Tuesday, May 9, 9:45 AM
- Amy Stern, Director of Employee Engagement Research, BI Worldwide
- Christy Thompson, Vice President of Humans, Sunglass Hut