How a positive pay experience assists in creating harmony in your workplace
by Nathan Reynolds, Managing Director, Ceridian Australia
Australian retail is in a constant state of flux, as traditional brick-and-mortar stores are evolving to stay profitable. Customers have higher expectations now more than ever before, for brands to align with their values and offer consistent, top-tier experiences.
As retailers grapple with these external forces of change, attracting and retaining top talent has also become more difficult. Compounding this is the fact that employees are often the first stepping stone in communicating your brand mission, acting as the primary external brand advocates. So how can retailers ensure they stay ahead in the fight for great employees at a time when talent is getting harder and harder to attract? It all starts with a harmonised human capital management (HCM) approach.
What is Harmonised HCM and how does it apply to the Australian Retail industry?
Harmonised HCM is about how human resources data is applied to better the overall employee experience and how it can show commitment to your employees in meaningful ways throughout their workplace journey.
Considering the nature of the Australian retail industry, empowering your employees through harmonising human capital management across the board can directly translate to increased business success and greater employee productivity.
The current state of Australian retail workers and their experiences with pay
According to the Australian Human Resources Institute, the average retail staff turnover rate for the 2017 to 2018 period was 18 per cent, a rate almost identical to the 18.5 per cent 2008 turnover rate prior to the global financial crisis (GFC). What this means for Australian retail businesses is that retaining staff is more crucial than ever for reducing costs to the business and ultimately protecting the bottom line. How can employers effectively establish a harmonised HCM and employee experience in this overly competitive market? Part of it is by paying closer attention to your employees’ pay experience.
Ceridian’s Australian Pay Experience Report, conducted by Hanover Research, revealed that employee experiences with getting paid directly impacts what they think about working for an organisation - not just how much they earn, but how compensation is determined and how easily they can access what they’ve earned.
The pay experience can have a big impact on employee satisfaction, retention, and performance
The Australian Pay Experience Report showed that 82 per cent of Australian workers feel some degree of stress about pay and money issues on a regular basis, and only 29 percent of workers are completely satisfied with the transparency of their pay information.
A positive and transparent compensation experience between an employee and their employer comes down to open and frequent communication. However, more than one in three (37 percent) surveyed do not feel comfortable discussing their pay with their managers. The data also suggested it may be time for organisations to rethink the traditional pay cycle to align with the rise of the gig worker, and a type of employee that will that will continue to impact the future of work and talent. In fact, almost three-quarters (73%) of Australian workers want a job offering flexible work options.
Pay is only one piece of the harmonised HCM puzzle
Solutions such as Ceridian’s Dayforce where employees can access the HCM software on web or mobile, gives them control of their data with anytime, anywhere access. The Australian Pay Experience research found more than half (51 percent) of those between the ages of 18 to 34, were more likely to agree to participate in an offering like Dayforce. Therefore, solutions like this would fare well in the statistically young retail industry (majority in the 25 to 34 age range), especially as the gig economy continues to thrive.
While the pay experience is only one piece of the harmonised HCM puzzle, it acts as a foundation in creating meaningful experiences for the retail worker. Start now by leveraging new technologies and be more mindful of your employees’ experiences with their payslips.
To find out more about Ceridian’s Dayforce platform, please visit Ceridian.com/au.
