I have surpassed the 50 meetings mark with clients, prospects and partners for 2022 (that went fast!). It seems fairly clear the challenges that global organizations have on their total reward.
- Visibility – Many organizations struggling with the simplest data request on elements of total reward spend because there is not a system which has all of various elements of total reward in one place. It seems Total Reward is the largest expense that Leadership knows the least about!
- Accuracy – Since the elements of total reward spend are across disparate and disconnected HR systems across the globe within an organization, HR needs to use aggregated data or estimates/proxies for some of the elements of total reward. This lowers the confidence that other areas of the organization (namely, Finance and Line Management) have on the analysis that HR provides.
- Engagement – Only about one third of organizations (and much lower for those global organizations) provide online compensation or total Reward Statements. One of the simplest ways of engaging with employees is to improve communications around the various ways you compensation and reward each employee through real-time online total reward statements. However, this is costly since the various elements of total reward are across various systems.
- Personalization – Study after study are indicating that employees want more flexibility and choice across their entire total reward equation, not just in the individual siloes like benefits. The existing technology is a barrier for being able to provide this personalization by employee across the elements of total reward since the elements are across multiple systems.
- Digitalization – Organizations are rapidly changing. HR need to have increased agility to transform as the business requirements change. The “hard coded” various HR systems prevent HR from being more agile. HR needs to make sure that their multiple policies on reward are digitized in a system so that they can quickly change as the business requires changes in ways to attract, retain and motivate.
There is only one system that addresses all these challenges. uFlexReward is the right system, at the right time to address these challenges!