Total Rewards Statements
A Total Rewards Statement provides employees with a clear and comprehensive summary of their complete compensation package – encompassing both cash and non-cash benefits provided by you, their employer. Employees will often find the value of their total rewards package is 20 – 40% higher than when compared to their base pay alone.
Often, this “hidden paycheck” is not well-communicated and issuing an annual total rewards statement to employees gives HR and the company another tool in their arsenal to potentially:
Improve employee retention by showing employees the
value of their compensation and the additional investments into their benefits that goes beyond just their paycheck
Increase awareness, utilization, and engagement with the company’s rich benefit offerings
Provide a more comprehensive offer or counter-offer package to prospects and employees
...the not-so-hidden-cost of turnover...
Employees who don’t see the value of their total rewards may leave the
organization for merely not seeing their value. Turnover can cost
employers 50 – 200% of an employee’s annual salary to replace them.
Some employees may even leave for as low as a $1.00 per hour pay
increase, not realizing they may be worse off when overlooking
employer contributions as part of their full total rewards package.
A total rewards statement helps give HR teams another tool to use to communicate the complete value of their employees’ compensation and benefits, supporting retention, and reducing costly turnover
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