Of all the resources an organization has available to it, the most important are its employees – the people who ensure the business keeps running smoothly. This may seem obvious at first, but it may not be so from their perspective. You may know very well how valuable your employees are to your organization, but the question remains: do they? Often people will get so focused on their pay stubs as a measure of value that they may forget all of the other ways in which your organization expresses their value. Unfortunately, this can lead to dissatisfaction, which can in turn make it difficult to retain valuable employees.
The fact is that you express value to your employees in much more ways than simply what ends up on their paychecks at the end of each month. There are many benefits which can not only improve an employee’s job satisfaction and work-life balance, but can also communicate just how valuable said employee is to the organization. Things like paid healthcare, vacation, retirement accounts, education reimbursement and so much more are all as much a part of an employee’s compensation as their salary. Often, though, it’s easy for employees to overlook this fact.
Issuing a Total Rewards statement is a fantastic way to show your employees the full extent of their compensation. By illustrating the actual value of all of their benefits they get a better idea of just how valuable they are to their organization. Creating and issuing Total Rewards statements can seem like a lot of extra work, however, since it requires the collection and organization of all the various benefits and other perks offered to each employee.
Providing Total Rewards statements doesn’t need to be so difficult, however. Indeed, it’s even possible for a compensation management program to automatically generate Total Rewards statements, making the endeavor much easier. The compensation management systems custom-designed at Harvest for our clients are capable of generating Total Rewards statements, among many other features.
If you’re looking for the right tool to take your organization’s compensation planning to the next level, contact us today to learn more about our customized compensation management systems or to schedule a demo.