More and more companies are moving towards using Total Rewards Statements to help pull in new talent and retain the top employees they currently have. These types of reports describe the total investments that a company is making into each individual employee.
Total Rewards Statements Overview
Total Rewards Statements offer a host of benefits for your employees, with the intention of keeping your talent on board and attracting new employees. This makes them a valuable and essential tool for your business. Total Rewards Statements are made up of these key things:
- - Personalized statements that list everything your business offers to each individual employee.
- - Information on the company's financial commitments to employees that go beyond standard pay and benefits.
While the term may be new to some, these sorts of programs have been used for over 20 years under different names. You may have already heard of terms like "Employee Benefit Statements," "Hidden Paycheck Statements," and "Total Compensation Statements." These are all different titles for a Total Rewards Statement.
Total Rewards Statements also have the ability to maximize your employee's perceptions and knowledge of your offerings by putting focus on effectively communicating everything that is provided.
Why Should My Company Use a Total Rewards Program?
By offering a robust and appealing Total Rewards Program, you can effectively demonstrate to your employees that they are valued within the company. Not only that, but it shows they are valued more than they normally would be with a company who does not offer this sort of program. As great talent can be hard to find and obtain, programs like this will help you attract new people to your business, as well as keep the ones that you value the most.
Retention is a major concern in today's corporate landscape and every company wants to hang on to the great employees that are already part of their organization. On top of that, they offer a host of other benefits to both the employee and the company (via HR Daily Advisor):
- - Total Rewards Statements are a proven method for increasing overall morale and keeping employees within your company.
- - 95% of all employees who are receiving Total Rewards Statements have a better understanding of their rewards program the average employee.
- - Next to pay, great benefits packages and perks are the biggest factor in employee acquisition and retention.
- - Benefits can make up to a whopping 40% for an employee's entire compensation package.
- - 78% of all workers are getting statements that are encouraging them to stay with their current employer.
Compensation isn't the same as it used to be. Employees want more than a standard paycheck in order to keep them engaged and employed within your company. If you neglect to implement these changes and keep up with the current trends, you'll end up losing your best talent to competitors who have taken the time to go above and beyond with their employee benefits and rewards.
Want to learn how your organization can better communicate the value of your Total Rewards Program? Click the button below to schedule a free benefits communication consultation with one of our content specialists: