Do your employees know the total value of their benefits program? Employees often underestimate the value of their benefits package, and don’t realize the large expense employers are making on their behalf. Total Reward Statements are an excellent communication tool to provide a personalized statement outlining the full benefits package the employee is receiving.
Here are some key benefits for both employees and employers:
- Total Reward Statements provide a clear picture of the total value of all benefits, in a user friendly and flexible format. A recent survey showed that employees underestimated the cost of benefits by 10%-20%. Total Rewards Statements help increase the perceived value of the benefits the employee is receiving.
- Employers who implement Total Rewards Statements will typically see increased employee retention
- An effective communication tool. These statements send out a wider message to the employees: We care about you!
- Total Reward Statements include not only monetary and quantifiable benefits but also focus on the value of non-quantifiable and less conventional benefits. These include things like free gym memberships and increased maternity or paternity leave. In a time when companies are reinforcing low or zero pay raises, it is essential that employees know about these reward details.
Overall, Total Reward Statements, when used effectively, help to maximize the return on reward investment and leads to increased employee retention and motivation, as well as improved results around rewards.
Please Contact Us for additional information on Total Rewards Statements.