Morale remains high when turnover is low. One way to keep it this way is through the high quality administration of benefits. The quality of your benefits delivery is completely dependent on the software you choose.
When choosing your company’s employee benefits statement software it is critical to verify that you have the tools to fully cover all of the benefits that your company offers.
This is why it is a critical step to choose the employee benefits statement software that will streamline, empower and support the confidence of the folks you already have, and for those you will hire in the future.
Check Your Requirements
Here are six of the most important considerations when implementing employee benefits statement software.
- Cloud-based or SAAS solutions put the burden of maintaining your software onto your vendor, not on your IT people.
- Use tools that reduce the costs of administration by reducing errors and extra steps.
- Include the ability to add all kinds of benefits – even free coffee and free parking.
- Present the information in a way that is easily “gettable” and memorable by each employee.
- Reduce any extra strain on the HR department. Give them tools that are intuitive.
- Utilize easy-to-learn, intuitive solutions for administrators and employee end-users alike. If it’s not easy-to-used, it may not get used.
Stay Ahead of the Competition
When a company has the ability to quickly and easily enroll and stabilize new employees by choosing the right employee benefits software – you dramatically increase the competitive edge for your company.
HR department administrators who choose exactly the right employee benefits software secure an ease and grace for internal benefits delivery processes. This increases the sense of confidence and accuracy for the employees they serve.
Employee benefits statement solutions, like those from COMPackage are designed to increase transparency. Support your employees confidence by delivering explanations in their compensation package instantly, regularly and repeatedly.
Employee Compensation Software Helps You Promote It
The process of recruiting and retaining top talent is today’s toughest job. Because as an employer, you need your employees as much as they need you, you should actively communicate your employee value proposition (EVP) to potential and existing employees.
Importance of an EVP
An EVP is a strategy of everything a company has to offer to an employee. It is usually divided into salary and benefits, and it varies depending on the employee’s role, tasks, credentials, and skills. If an EVP is planned out well and laid out in detail, the employee will know the actual value of the compensation package they’re getting, and also the reasons they are getting it.
Were they headhunted from a competing company, and are now being offered a compensation package they should find irresistible? Did they perform well in the past year and now have given a significant raise not just in salary but in perks as well? Then they should know all about it through their personal total compensation statement. An EVP is essentially a sales pitch, and should be treated as such.
All companies have their own particular EVP, whether well-defined or not. Nevertheless, for the sake of attracting and maintaining top talent, it behooves you to have your company’s EVP clearly defined. How does your EVP compare to your competition? Or maybe the better question is, is your EVP, and whatever actions you take to communicate it, working well to recruit and retain employees?
Is your company’s EVP in sync with your company’s core values? For example, if your company values loyalty, your EVP might include additional incentives for employees who meet a specific length of service.
Role of Employee Compensation Software
An EVP is not a one-time thing. You don’t develop it and then just leave it there. It has to be regularly reviewed and continuously improved to be competitive.
For example, technology is rapidly changing the way people work. Think about it: If the last time you’ve updated your company’s EVP was five year ago, then your telecommuting perks (if you have them in the first place) need to be revised in light of the new digital solutions that have made remote working easier and smoother. Instead of offering just one day for working from home, maybe your company can now afford to make it the whole five days. But that’s just one thing to look out for.
Aside from streamlining your EVP, employee compensation software can also help with highlighting the important values that can drive an employee’s compensation. As with marketing to customers, marketing to employees shouldn’t come across as generic if you want to make a lasting impact. Because, today, you can tailor your EVP on a total compensation report accordingly.
Employee compensation software solutions, like those from COMPackage, also help with transparency. You never want your employees to feel shortchanged, so you must be able to explain their compensation package instantly, regularly and repeatedly in order to promote your EVP.