A total rewards statement can be a very valuable tool whether you are trying to attract new talent or making sure to retain current talent. What these reports communicate to your current and future employees are all the ways your company invests in every employee on both the personal and professional level.
When you have a single personalized statement that includes everything your business offers, plus information on the company's financial commitments beyond standard employee pay and benefits, it results in very important details to communicate to your employees.
There are two different paths you can take to do this: send them a physical copy or provide them an electronic copy. Both methods get the job done, but using digital total reward statements offers many additional benefits that using physical copies do not.
Below you can find the three benefits of adopting digital total reward statements.
Total rewards statements can be quite long because of how much data is in them. This means if you are printing out paper copies for each employee, the amount of paper might reach the thousands just for this project alone.
Most companies already have an average printing cost of $725 per employee, an amount that doesn’t include major printing projects like this. The last thing you should do is use tons of paper to significantly increase that already high number. Besides, with more organizations adopting green policies during the last few years, eliminating all that paper will help reduce other kinds of costs too.
With digital total reward statements, you can lower the entire project’s cost by more than 50 percent.
This saves time, money, and the environment.
2. Data and Analytics
Once the paper total reward statement leaves the office, the only analytics you can even potentially receive is when it was delivered. Other than that, you are basically left in the dark.
By using a digital copy, you can track when it was opened, who looked at it, and which areas were most read. This means you can effectively tailor your employee rewards and benefits program to match what your employees are looking for.
With the paper method, total reward statements are limited to words and images. Whereas, with digital copies, you can include videos and interactive graphics. Choosing an interactive approach offers numerous benefits, including longer retention rates and higher engagement levels. This also means you can better educate your employees on both previous and current benefits.
Combine your interactive portions with the data and analytics, so not only will your employees be more informed regarding their benefits package, but you will also know much more about your employee’s needs. This direct feedback loop will improve your company’s benefits offering while simultaneously increasing employee engagement.
To find out more about how Total Rewards Statements (TRS) and other communication methods can help greatly improve your business?