Topic: TotalRewards Software

Creating an Innovative Company Culture in 5 Easy Steps

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.

Cost to Company – How Can Total Rewards Turn It Into Value?

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.

Hiring the Best Talent Takes Transparency

hire the best talent

A young workforce and a strong economy are making hiring the best employees a challenge for companies today. Nearly 35% of employers report increased turnover and over two-thirds say they’re struggling to find proven talent. Interestingly, nearly 60% of young job seekers are on the lookout for employers that share their core values. It seems there could be a discrepancy between what candidates are looking for and what employers are pitching. Could it be that too many companies have a short-sighted view of the hiring process, relying on a “hiring the best takes being the best” mentality?

With a hiring philosophy like that, many employers are missing the most crucial part of the process. Hiring the best workers doesn’t take “being the best” – it takes “being the best for a particular employee.

Companies can boost their engagement with candidates by making transparent, holistic value communication a part of the recruiting process. Communicating values candidates respond to, not ones they feel set them apart as an employer, goes a long way in taking employee recruitment beyond a process and into a lasting relationship. Here are a few ways companies can accomplish this:

Give Recruitment a Brain of its Own

Hiring the best candidates would be a lot easier if recruiters could just read the minds of potential hires to see what it would take for them to come on board. A total compensation software solution with on-demand technology and built-in analytics may give HR professionals the insight that does the trick. With analysis and reporting on when candidates access the portal, how many times they do it, and on which pages they spend the most time, companies can get an inside look at what motivates their potential hires. Not to mention, it gives employers a valuable leg up over competitors in hiring the best talent.