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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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.
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
It’s no secret – companies want the best talent. Unfortunately, this means the best job candidates often have plenty of options. They’re either interviewing at cream-of-the-crop enterprises, sizing up other exciting endeavors or – gasp – already have a lucrative job. How do talent-hungry companies make themselves stand out when they lack the resources and appeal of giants like Google or Facebook?
Jan Tegze, Senior Recruiting Manager at SolarWinds, thinks an employee value proposition might be the solution. An employee value proposition (EVP) showcases why talent should work at an organization, often incorporating elements like workplace culture, company vision and cash (and non-cash) compensation packages. When implemented correctly, an EVP can have major pull when it comes to luring in top talent.