What you see is what you get: new ways technology is making rewards more transparent
Employees are increasingly demanding total transparency from their employer. But businesses are also discovering that greater workplace transparency can help increase employee engagement and improve retention.
Not surprisingly, employees who work for transparent organisations have a greater trust for management, are more committed to the organisation and are more connected to the employer brand.
This demand for transparency also extends to reward and compensation. In fact, the demand for transparency and equality is rapidly gaining in momentum, forcing organisations to examine their transparency around rewards, pay distribution and the gender pay gap.
Digital technology can be used to help increase transparency around reward in much the same way that it has improved connectivity and communication.
Using technology for transparency and trust
As an employer, investing in technology that makes employee reward more transparent not only enables employees to see and understand their compensation information, it also develops trust. Trust enhances the power of your employer brand and goes a long way in both attracting talent and assisting with retention.
In Salesforce’s State of IT report, 71% of employees said they want their employer to provide them with the same level of technology as they use in their personal lives as consumers.
As a result, more and more employers are offering employee mobile apps and other interactive, customisable digital experiences so their workforce can stay informed, connected and engaged.
The compensation gap
When it comes to transparency around rewards and compensation, employers need to make employees aware of their total reward. Without knowledge of their full compensation value, employees miss out a significant part of their compensation package, not to mention the money organisations waste on unused benefits. Worse, employees may leave to work somewhere else where they believe they are compensated better.
In our Compensation Gap survey, it was discovered that eight in 10 employees underestimate their total compensation package and that, on average, employees are unaware of up to 33% of what their employers spend on them.
If an employee is only aware or only able to see part of their offering, the true value of their rewards package is lost, leading to a compensation gap. So, using technology, how can you make reward more transparent?
Showing rewards clear and simple
Through Benify’s cloud-based employee portal, employees can access a digital Total Reward Statement, which provides them with a transparent breakdown of their salary, pension, insurances, and other benefits paid to them that make up their total reward. For employers, this statement demonstrates transparency around reward through a clear visualisation of employee compensation.
Trust and transparency are made even greater with employees able to access their Total Reward Statement through their employee portal via desktop or via their smartphone or tablet using the Benify app anywhere, anytime.
Additionally, through Benify’s global solution, HR professionals are given access to the Global Intelligence Dashboard, which enables administrators to see company-wide compensation and benefits data all in one place.
Data can, for example, help employers assess pay rises, benefits usage and address any issues concerning gender pay gap, executive pay, and more.
The era of transparency is here. Is your organisation prepared?
This is a sponsored article provided by Benify.
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