Use Case: Total Reward Statement
2021-12-20
Issue
Client wanted to communicate the complete picture of total reward to employees real-time and always be available across the global workforce.
Barrier
Turnover is always an issue. The recent war on talent has made this more challenging. The Client thought reminding employees of the extensive benefits and allowances are delivered to employees is a key element for retention. However, reward is administrated in many different systems (pay, incentives, benefits, pensions, shares across different local country regulations on privacy and records storage. The inconsistent data across the entity made it difficult to consolidate the data to supply individual employees with a personal total reward statement, including all rewards, always up-to-date information, and in a format that is easily consumable.
Solution
uFR automatically extracts all reward data for all employee and consolidates it to produce an always-on annualized view of total reward, updated daily, with comprehensive descriptions and links to external information where necessary.
These online statements also provide an opportunity for employees to share their candid anonymous feedback about the total package and individually on each reward components. This feedback mechanism allows the Client to focus its reward spend in the areas which are most valued by its employees.
Benefits
The Client saw higher employee engagement and satisfaction – because the system was accurate, contained all forms of reward and was easy to use. In addition, there was documented reduction in leavers and as an additional benefit was able to save money from the third party administration of specific allowances/benefits that were not valued by employees, i.e., allowing the Client to optimize reward spend.
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