The start of the new year is traditionally a time when we reflect on the year that has ended and what we plan to achieve over the coming months, and this year, perhaps more than ever, we are excited about what prospects the new year will bring.
What have you got on your HR and Reward to-do-list for 2021? Undoubtedly there will be a whole host of items on the agenda - some new, and maybe some that you did not quite get to in 2020 - but whatever these may be, now may be the time to look into letting HR tech lighten the load. Whether it is reward and recognition, diversity or maintaining engagement and communication with a remote workforce, HR tech will be at the heart of driving these initiatives forward, enabling HR to do more with tighter budgets and depleted resources.
Job Evaluation
With a plethora of solutions out there, knowing where to start and what will make the biggest impact can be a challenge in itself. In my experience one of the key ingredients to building an engaged and productive workforce is a culture of transparency and equity and for this a job evaluation tool is a great place to start. Not only does it provide a robust methodology to ensure that the organisation has the right roles at the right levels, but it is also the first step in creating a pay framework whereby pay decisions can be managed fairly and objectively, thereby reducing risk from equal pay claims. Job evaluation also creates the blueprint from which decisions around organisation structure – current and future - can be made.
Market Insight
Having established the internal positioning of your roles and how these fit together to form your organisation’s structure, the next logical step is to gain external market insight around salary levels. Having this information readily available in a digital format couldn’t be easier. Grappling with cumbersome spreadsheets is something most HR professionals would like to avoid but this shouldn’t be to the detriment of obtaining business critical information around pay and the cost implications for your organisation. Bringing this online provides a single point of reference for pay benchmarking, providing HR with the tools to understand whether roles are positioned fairly against the prevailing market rate whilst aligning to organisational strategy. It can also help to understand where your pay policy isn’t working as intended and highlight instances of inequality according to gender and ethnicity.
Pay Review
Traditionally another spreadsheet reliant exercise, which can be draining on time and resource at best and a PR nightmare for HR at worst, the annual pay review process is surely a prime candidate befitting automation through HR tech. Having a digital tool to do the heavy lifting not only frees up valuable time for HR but increases its credibility within the organisation as line managers are able to make pay decisions for their teams on a secure digital platform without having to rely on sharing files over email. Bringing annual pay review online allows HR to model pay review budgets according to different scenarios; set, distribute and track budgets by department; and review managers’ pay decisions, all while dispensing with the dreaded annual pay review spreadsheet!
Employee Experience
Sometimes seen as an afterthought or nice to have, the experience employees have at work, whether in the form of interaction with colleagues, recognition for a job well done or communication from management around business results and performance, is the key to employee engagement and all constitute part of the Employee Deal. The task for HR is bringing this to life and this is where technology comes into its own. By bringing of all the elements of the employee deal into one place, including benefits, wellbeing, recognition and communications, employees feel connected to, valued and empowered by the organisation to be the best version of themselves both professionally and personally.
We offer a suite of Reward solutions on our innovative Innecto Digital platform, including PayLab, Evaluate, Advance and Amplify. Designed to help carry the workload of busy HR departments, all tools incorporate our years of Reward expertise, giving you consultancy-level capability at your fingertips. If you would like to find out more, you can download our brochure here, or call (020 3457 0894) or email (alastair.cole@innecto.com) to book a demo.
Have you registered for Pay Trends yet? Streaming live in the morning of 26th January 2021, we will be delivering your essential Pay and Reward update for the year ahead, analysing the year’s hot topics, helping you not only survive, but maximise the opportunities they provide. Whilst we are disappointed to not be able to meet with you face to face, we have so much to share! For Reward professionals interested in 2021’s top trends, this event offers a great return on your time investment. Find out more and book your ticket here.
