What are the Advantages of a Total Rewards System?

Years ago, simply offering health and dental benefits to employees was all it took to stand out from the competition. But lately, companies are having to get strategic about their rewards systems to make sure employees not only feel valued and fairly compensated, but also have a reason to stay with your company. With everything from benefits to development and a few free perks and discounts thrown in, total rewards systems are becoming more and more common and simply make good business sense. Keep reading to find out exactly why you should scrap your rewards statements in favour of total rewards systems starting yesterday.

  1. Continuous Employee Engagement

Total rewards statements are a great tool to motivate employees, but total rewards systems like MyRewards International Ltd. are even better. For one, they can be updated regularly to continually drive employee engagement. People love having a reason to be motivated, and so being able to quickly log in to see the status of various rewards and benefits makes it easy to keep track of what you can earn as an employee as well as what to strive towards. Waiting for statements on a yearly basis can leave employees feeling disengaged partway through the year, which definitely isn’t ideal for your company’s growth.

  1. Easy to Update

Updating total rewards statements are incredibly time consuming and take a ton of hard work every single year. Total rewards systems make it easy to update as often as you want or need to, which means no more yearly scramble to update the total rewards statement. While a total rewards system requires significant work upfront, it quickly becomes more cost effective than statements because they only need to be updated after the initial work is done, whereas statements require a ton of work every year. For many companies, this can be invaluable in terms of time and money savings.

  1. Powerful Analytics

One of the greatest benefits of using a total rewards system is that you can access powerful analytics that can guide you to create the most engaging and incentivizing rewards system for your employees. You’ll be able to see what’s attracting employees most, the pages most visited, hits by gender, and tons more to help your company determine what employees want and what motivates them most right from them – not from out-of-date research that costs a fortune. Knowing what makes your employees tick is huge for driving employee retention and creating a culture that is both attractive and long-lasting.

  1. Easy to Access

Rewards statements are cumbersome, complex to navigate, and can easily get lost in the shuffle. With a total rewards system, all the information is in one user-friendly location that’s convenient both for your employee and their family. Being able to engage the employee’s family in terms of benefits and rewards is incredibly significant when it comes to employee retention, and most reward statements simply can’t achieve that. A total rewards system makes it easy for your employees to see the value of their employment, as well as actually take advantage of the benefits and rewards you’ve spent money setting up.