If you don’t deliver a total rewards statement to your employees, you are missing out on communicating the full value of what they are receiving.
Our brains haven’t evolved to keep up with the amount of information we have available to consume. And it is difficult to determine in the moment what is important and what is not.
What you pay your employees and the benefits you provide are important for employees to understand.
It is a compelling story you get to share, and yet many employers don’t invest in developing and delivering a total reward statement.
Total rewards impact your ability to attract, retain, motivate, and engage your employees. Rewards are fundamental to the employment relationship.
And in a world where pay transparency is becoming the norm and not the exception, you can use a total rewards statement to share more than just what an employee is receiving.
You can share the “why” behind the reward.
· We provide you with base pay to _____. Increasing your base pay can be done in a variety of ways. For example, ______.
· We provide you with a bonus or sales commissions to _____. To maximize your bonus payout, you can ___________. And if instead of a bonus you are eligible for sales commissions, you can focus on _____ to maximize what you receive.
· We provide you with long-term incentives to _______.
· We provide you with health insurance to _____.
· We provide you with retirement benefits to _____.
· We provide you with flexible work schedules, paid holidays, and paid time off to _____.
· We provide you with mental health assistance to _____.
· We provide you with tuition reimbursement and professional development opportunities to _____.
· We provide you with family leave to _____.
You get the idea. As you plan for the new year, be sure to include a total rewards statement project. And if it is something employees can view online throughout the year instead of a one-time snapshot of the rewards they receive, THAT is even better.
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