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I believe large companies find it difficult to implement reward transformation because they are too focused on the here and now. Sometimes it’s too easy for HR to say “no, that’s too difficult” even if Finance say yes. But herein lies a great opportunity for these departments to start building a bridge of expertise and reducing the duplication of time and effort across all functions and locations.
As we all know, collecting employee data is time consuming and costly. For AE and RTI, there’s going to be a lot of it with even more duplicated information. This is why it makes sense to streamline both. Having gone through that pain, companies should look at the overall reward & benefits package too. Your start point will be clean.
Those who can get past the obvious barriers will find that reward transformation will have a positive impact on the bottom line. It will also help their business save, through tax efficiencies, and improve attraction and retention strategies. In addition, it’s a great opportunity to demonstrate that integrated data can be part of what HR do and provide to the business.
The real winners will be the companies who are attuned to their employee’s needs and whose individual teams start interacting with their neighbours now. Reward transformation will always lead to a saving rather than a cost and if done properly, will add value rather than disrupt anyone’s day to day job.
Senior Manager, Reward
KPMG in the UK
020 7694 8027
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