Power up your compensation and total reward strategies, for the modern employee, with Unit4
Compensation and reward management is a key part of any HR department and shouldn’t be overlooked. The (HRRI) HR Research Institute’s 2022-23 survey can provide real insight into the current and future state of compensation and reward strategies and their effect on employee retention and motivation. With Unit4’s integrated and modern HCM solution, you can increase employee satisfaction, help enact changes identified in the HRRI’S 2022-23 survey, and optimize your relationship with employees.
Keep reading to learn the findings of the HRRI’S 2022-23 survey, and how Unit4 can help you implement the necessary changes to build strong employee-employer relations.
Why rethink your compensation and total reward management?
For most organizations (75%), retaining their key talent is a number one priority for their HR department, with attracting key talent being a close second (66%). With many organizations moving towards remote work, it is total rewards packages that are often the largest attraction for modern talent.
For talent seeking a new role, they no longer worry so much about who they work with, their commute, or the geolocation of their role, but it is what a company can offer them in compensation and total rewards that have the largest effect on their attraction.
By building an optimized HCM solution, you can build strong relationships with key talent, which will undoubtedly keep them around for the long run. It is the reporting of these strong relationships, as well as an attractive compensation and total reward package that will, in turn, attract new talent.
A competitive compensation and total reward package are important, but HR professionals will know that it is challenging to design an incentive plan that achieves goals without negative side effects – time and expertise are needed to get this right.
This highlights the need for not just an attractive package but for integrated and efficient processes for managing your current package.
The key findings of HRRI’S 2022-23 survey
As identified, a modern and competitive total reward package is a key to success, with over three-quarters of all respondents suggesting that modifying total rewards to address today’s changing times is “important” or “very important.”
Yet, 42% of organizations describe their approach to total rewards as “underdeveloped” or merely “beginning,” with only 7% describing their approach as “advanced.”
The HRRI’s 2022-23 survey suggests there are many challenges an organization will face in managing their total rewards, beyond simply what is offered – the survey details some other challenges reported by HR departments. The top 5 challenges reported are:
- Total rewards not being well understood by employees (62%)
- Employees, prospective and current, struggling to differentiate the offered package relative to competition (42%)
- Packages not being agile and flexible to changing business circumstances (41%)
- Packages not being personalized to individual employee needs (40%)
- Declaration of packages not being transparent enough (40%)
This suggests that, for a modern employee base, transparency with compensation and total rewards is key. Employees want to know what is being offered to them, as well as how that compares to competition offerings, while also wanting clear reporting on how packages are adapting to changing circumstances in their industry.
What’s clear is that a successful compensation and total reward strategy requires proper management, not just attractive content, to retain and attract new talent.
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How Unit4 can provide a modern and integrated solution to HCM challenges
With Unit4’s integrated HCM solution, we can help your organization solve many of these issues and build better, and more resilient, relationships with current talent, and the ability to attract new talent with improved processes.
A large issue reported in HRRI’s survey is transparency. Unit4’s Compensation Planning solution can provide managers with statements on total rewards packages and relevant data, meaning managers can have better conversations with employees about the issues that matter to them.
By consolidating this data into the Cloud, managers have this data at their fingertips and can recall it quickly when necessary. With better-informed managers, they can ensure employees understand their total rewards and be better equipped to compare these packages to competitors, helping retain key talent.
Furthermore, this integrated Cloud-based HCM solution allows compensation and total rewards to be better managed. With critical information in one application, such as core employee data, performance information, guidelines, policies, and more, managers can have these conversations with confidence.
Succinct data also allows for organizational compliance to be managed effectively. Issues such as race and gender equity, new hire pay alignment, and more, can be satisfied easily.
Our fit-for-purpose software allows your organization to fit our compensation planning software to your unique internal compliance guidelines, ensuring all bases are covered. This allows employees to be confident that your organization’s total rewards can sufficiently adapt to changing circumstances and individual employee needs.
By satisfying the expectations of your employees and ensuring their experience of compensation and total rewards is transparent, you can retain key talent, and create lasting and resilient relationships, and a culture that attracts new talent as well.
Book a demo with Unit4 today to learn how we can help power up your compensation and total rewards management for modern employee expectations.
