With every passing day, life seems to be moving at an increasingly rapid pace and we have become ever more grateful for emerging technology that helps us keep up—from ordering groceries on an app to checking into a doctor’s visit through an email link. Moreover, as technological advances are made, our expectations are elevated. This concept carries over to experiences at work, where we have come to expect that we can find what we need with ease, especially the things that matter most.
If the future of work includes an improved employee experience, that notion should extend to those critical things employees obtain from working, those things organizations provide to employees to show their value. We are talking about total rewards: compensation, benefits, well-being programs, perks, etc.
Think about it, if we can access necessities like groceries, mortgage statements, and utilities in a holistic and streamlined way, we should have similar capabilities for accessing pay, bonus, medical, employee discounts, well-being, and the myriad of other offerings that organizations carefully craft to show us, as employees, how we are valued.
These are some of the reasons new, streamlined total rewards solutions are emerging. One example includes Total Rewards Statement solutions that offer employees the ability to access their total rewards live and on demand—digitally and holistically. Organizations can no longer “get by” with subpar solutions to communicate an incomplete picture of rewards value to employees on a sporadically updated basis. Rather, high-performing organizations know that they must meet employees right where they are and provide access to comprehensive and current (or ideally real-time) rewards information exactly when employees need it—enabling an informed workforce, better rewards utilization, and improved employee experience. By implementing a personalized total rewards experience, organizations can create a total relationship with their workforce, driving engagement, well-being and business results.
As we have seen in the 2019 Deloitte Global Human Capital Trends Report, when organizations focus on building relationships with employees and develop a differentiated suite of rewards, a strategic communications approach is critical in creating a workforce experience. The communications approach must be holistic, branded, and timely. That is a differentiator in attracting, motivating, and retaining high-talent workers.
While it may seem a bit risky to be open about pay and other rewards, this is an essential part of the dialogue that organizations should maintain to (1) understand the needs and wants of their employees and (2) articulate the organization’s efforts to meet them. And a little transparency can go a long way in terms of perceptions of fairness on the part of employees.
In today’s fast-paced world, most people have come to expect concise, simple, seamless and personalized access to information. Personalized Total Rewards Statements, in combination with an effective total rewards communications strategy, enable organizations to meet employees where they are and convey the unique value invested in each of them.