Wednesday 07 October 2009
In the recent edition of WorkSpan, a highly respected American
total rewards magazine, there featured an article by Marc
Moschetto, Director of Product Marketing at Workspace, which we
felt was worth sharing with our readers.......
"Savvy organizations know employees
aren't thinking holistically about their total rewards, so they
proactively provide their workforces with total rewards statements.
These documents contain a summary of total compensation including
salary, bonus, stock and the value of benefits paid for by the
company. Whether delivered annually as colourful printed brochures
or readily available for download from the company's HR portal,
total rewards statements are intended to create appreciation for
the compensation and benefits the employer provides. It's like
receiving a more impactful version of a pay check stub, with far
more information and, often, the option to take relevant
actions.
....The key is to create positive buzz
and generate excitement about the upcoming launch of a new,
preferably self-service solution that will offer employees both
power and choice. The benefit is that with awareness comes
consensus-building, and if employees begin to understand the myriad
benefits of total rewards, they will be more understanding if the
company's overall vision includes reducing costs.
Note, however, that if total rewards
statements are only deployed annually, such as through a printed
statement mailed to the home address, the impact quickly fades. If
employees can be reminded of their total rewards more regularly -
quarterly, monthly or even on demand via a Web-based solution - the
impact is greatly increased. Additionally, the organization gains a
foothold from which to communicate with the workforce and, through
the organizational view of this data, make necessary changes."
Reference: Workspan issue 08/09
(WorldatWork : The Total Reward Association)
www.worldatwork.org
Author: Marc Moschetto at Workspace in Waltham, Massachusetts,
USA.