Even though non-cash award budgets represent a small fraction of your total rewards portfolio, they still constitute a significant investment. It’s important that your administrative infrastructure includes both the monitoring and analytical devices you need.
HR has always had a handle on its compliance responsibilities. It’s always embraced and utilized technologies that give it the controls and reports it needs to monitor the delivery of compensation and benefit activities it is responsible for.
But how does it monitor the investment’s impact on the business, and, perhaps more importantly, it’s potential to do even more?
Not enough attention is paid to that part of your solution. That’s a missed opportunity because the fundamental difference between merely capturing data and gaining the real insight you need to affect change is present in the most advanced systems.
Don’t get me wrong. You still need easy, reliable and unfettered access to all the activity sets captured within your program. But to be effective, HR needs to evolve from delivering transactional reports to execution on effective business intelligence.
The standard for “reporting” has changed. Compliance is a given. You also need insight and intelligence; you need the ability to compare and contract activity against results. You also need the capacity to quickly redirect communication and reward assets if the program is falling short in its quest to influence the business’s performance.
If you don’t have all of that in one place you’re only looking at half the picture.