Four steps to be a smoother compensation season.
1) Know the Strategy
Your company’s philosophy when it comes to compensation planning can guide you in a positive, goal-oriented direction. Is it retention? Is it reward-based achievement? Do you strive for a motivated workforce among employees?
Companies are looking to reward and retain employees, however, the methods used can create a positive work culture or they can possibly discourage the very people you want to keep. Utilize the connection between a strong company mission or purpose and employee compensation to reinforce exceptional results from high-performing individuals or a team while solidifying the overall organizational strategy. For example, if your company has a well-recognized mission, encourage and motivate employees in a common direction.
2) Compare against the market
In order to improve your competitive position as far as total compensation, managers need to understand the data and comparative salaries within their industries. Salary surveys, both internal and external, from a reputable source can provide a base of knowledge for attracting and investing in the most successful employees for the organization. Do your homework. Once market data is analyzed, industry salary guidelines which may include a range of competitive compensation options along with the manager’s in-depth grasp on the budget will get you well on your way to providing the most for your employees and bolstering your position as a competitive compensation management leader.
3) Stop juggling too many spreadsheets
Spreadsheets should be a distant memory. With the help of smart compensation management software, like Dartican’s CompAccelerator, managers can save mountains of time and energy previously spent on confusing and redundant spreadsheets. This software effortlessly organizes a complicated system into a more simplified one with greater accuracy and very little training or set-up time for compensation professionals. Flexibility is key when compensation planners have specific adjustments that need to be made to ensure a smooth process for employee total rewards management. Not only does CompAccelerator streamline the entire process and provide freedom from spreadsheets, but the manager can then focus their time on more productive methods to increase loyalty and create a place where employees want to work.
4) Communicate effectively
Nobody wants to be just another number. One size fits all compensation packages can damage your relationship with employees. Instead, personalize communication with employees about their total compensation, whether it is a management or entry-level employee, and help develop long-term thinking as well as better relationships within the organization. Annual review, bonus planning and employee benefit statements can all be utilized to communicate a clear message of past performance and future achievement expectations. CompAccelerator can help you build stronger personal ties to your employees. This can generate goodwill and loyalties that last. Improving personal communication is a critical part of any effective total rewards program – equipping your leaders to successfully communicate with different levels of employees with a goal of helping them achieve their best all while supporting the company’s culture.
If you would like to see how CompAccelerator can help your business, please contact Dartican to schedule a demo.
