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PAY & REWARDS COMMUNICATION NEEDS AN UPGRADE
Employees agree that communication surrounding rewards
and pay isn’t optimal. More than half (52%) of employees
feel that their organization fails to explain pay programs
effectively (Towers Watson Global Workforce and Global
Talent Management and Rewards Study, 2014). More than
half (53%) in a Payscale survey said their organization
lacks adequate manager training on how to communicate
compensation to employees (Payscale Compensation
Survey, 2014). And almost a third of employees (29%) feel
that pay communication needs the most improvement out
of all components of their organizations’ rewards program
(WorldatWork, 2007).
Clearly, employees are eager for more information and
explanation surrounding their pay and rewards.
Employees agree that communication surrounding rewards
and pay needs improvement.
52% feel that their organization fails to explain pay programs effectively.
Source: Towers Watson Global Workforce and Global Talent Management and Rewards Study
said their organization lacks adequate manager training on how to
53% communicate
compensation to employees.
Source: Payscale Compensation Survey
that pay communication needs the most improvement out of
29% feel
all components of their organizations’ rewards program.
Source: WorldatWork
WHY TOTAL REWARDS IS SO IMPORTANT
In a dynamic healthcare environment, dedicated employee
communication often takes a back seat to other critical
priorities. Many hospitals and non-acute organizations
tend to struggle to find time to develop and communicate
value-building messages for employees, such as messages
about their pay or rewards. Yet these messages are
critical to organizational success because they help drive
engagement, retention, and commitment—for a relatively
lower cost than other activities and programs.
As demand for critical healthcare role increases,
professionals such as RNs, CNAs, physicians, and specialists
will become more selective about their employment.
While total rewards is not the only piece of the puzzle
when it comes to improving retention and engagement, it
is one that healthcare organizations can use to differentiate
themselves, demonstrating how they value their employees.
Communicating total rewards can be a narrowly focused,
actionable strategy that helps improve key patient and
business outcomes.
A total rewards communication plan that effectively conveys
the many ways in which you reward employees, beyond
base salary alone, should be a key component across talent
management efforts. Let’s take a look at nine key elements
of a successful Total Rewards communication program.
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