Outside the walls of the human resources department, there’s been talk of splitting the HR function in two. According to the Harvard Business Review, companies would then be left with their compensation and benefits team on one side, and a team devoted to managing and developing talent on the other. The reasoning behind this idea is that the traditional HR function lacks the perspective and insight to “relate HR to real-world business needs.”
While this split is not likely to be widely accepted any time soon, it does beg an interesting question, one recently addressed in SHRM’s weekly #NextChat forum: Who exactly should HR report to?
There’s no question that employee recruitment, engagement and retention initiatives can be a massive driver of organizational innovation often spearheaded by the CEO. But should these priorities take precedent over the compensation management and administrative responsibilities overseen by the CFO?
Learn what the #NextChat community had to say by going inside their discussion.
What About the CMO?
With all the talk about HR finding ways to impact real-world business results and improve people capabilities across the organization, maybe companies should look in a different direction entirely. How about at the department responsible for driving people to take actions that add to the bottom line?
Read our white paper to learn why some organizations are starting to integrate HR with marketing.
There’s one critical element the typical employee benefits package is usually missing – the perspective of an actual employee. Too often, organizations look toward spreadsheets and number-crunching when it’s time to revisit their compensation plans. Unfortunately, this drives them away from understanding the people and the business objectives impacted by their compensation strategy.
TalentCulture recently discussed this very conundrum in its weekly #WorkTrends chat – and even offered a few solutions for putting people first in a compensation plan. Have a look.
The good news is companies don’t have to reinvent the wheel when developing a people-focused compensation plan. There are actually some small tweaks they can make to “typical” employee benefits that can lead to better engagement, motivation and rewards for their top talent.
Here are a few of them:
When it comes to total compensation transparency, employees want it – all employers have to do is provide it. According to Glassdoor, nearly 70% of employees crave a better understanding of their compensation, and the same percentage believes salary transparency has a massive impact on employee satisfaction. It’s amazing how much pulling the curtain back on the full value of typical employee benefits can improve things like workplace culture and productivity. Just look at what happened at GoDaddy.
Create a Total Rewards Marketing & Promotion Strategy
Employees won’t value what they don’t understand, especially if they don’t even know something exists in the first place. No matter how great a company’s compensation plan is, it won’t contribute to employee engagement or retention if employees see it as just another piece of corporate paperwork. A people-focused compensation plan should be a living, breathing aspect of an organization’s day-to-day culture and brand. It should be just as accessible as the company website!
Talk About It in the Employee Review
The compensation plan should be a discussion point in every annual review between an employee and their manager. And the conversation shouldn’t stick to numbers and dollar signs, either. It’s important for managers to leverage their organization’s compensation plan into an open dialogue with their team members about their value and growth path.
Putting a People-Focused Spin on Typical Employee Benefits
The compensation plan will forever be a point of discussion because what motivates employees and candidates is always evolving. The only way organizations can ensure their total compensation strategies align with their talent’s values is by keeping employees front and center when it’s time to develop the compensation plan.
And now that you have a few ideas on how to people-focus typical employee benefits in your compensation plan, you may be interested in learning about a few unusual employee benefits, as well.
Our award-winning candidate experience platform is making the leap from being innovative to being game-changing. CandidateRewards is evolving its feature set to make the recruiting process for candidates and talent acquisition specialists smoother, faster and more personalized.
The new evolution of CandidateRewards platform gives prospective employees a personalized web portal for accessing the information that drives decision making throughout the recruiting process. Key elements like employer value proposition, career path projections, work-life balance and total compensation are quantified on custom-branded dashboards so candidates get any and all questions answered without jumping through the hoops of a generic company portal or waiting for documents to arrive via snail mail.
The platform delivers a host of benefits to HR departments as well. In addition to cutting the costs of replicating print offer letters, the platform streamlines recruitment and onboarding for talent acquisition specialists, allowing them to set up a candidate’s personalized portal in less than two minutes and even giving them real-time data on which candidates are most engaged throughout the process. This visibility leads to less busywork for recruiters and more time for direct outreach to high-value candidates.
Benefits of the Upgraded CandidateRewards:
- Accelerate candidate conversion rates
- Create a more comprehensive, personalized onboarding experience
- Decrease costs of replicating candidate offer letters
- Reduce workloads & busywork for talent acquisition specialists
Learn more about the features of our upgraded CandidateRewards platform, and be one of our first prospects to take the platform for a spin when it launches – request a live demo now.