04 May 3 Things to Include in a Total Rewards Statement
Today, employers are going to great lengths to engage and retain their talent, because the costs of dwindling employee engagement and turnover are extraordinarily high. Yet, there’s one tool that can drive employee engagement and retention while making employees happier which many business leaders overlook: the total rewards statement.
When employees have a clear understanding of how they’re being rewarded, they’re more likely to contribute above-and-beyond efforts at work. They’re also more likely to develop a strong commitment with their employers. Thus, it’s a win-win for both your company and its employees.
Specifically, here are a few things you can include on employee benefits statements that will benefit your company and its employees:
- Additional Insurance Options
Offering and communicating benefits beyond those required by law is one of most effective ways to boost employee happiness and health. According to bayt.com, benefits such as optical and dental care beyond mandated requirements are often appreciated by associates, as not all employers offer them, but many employees and their families rely on these services to maintain their health. Having healthy, happy employees is important for boosting attendance and retention.
- Continuing Education
Recently, Cigna Corporation found that using college tuition as an employee benefit can significantly improve bottom line results, as reported by Business Wire. It’s quite a significant improvement, in fact: every dollar Cigna contributed to their Education Reimbursement Program is returned, along with an additional $1.29 in savings (which translates to a 129% ROI). Again, the benefit is shared by both the employer and its associates: while employees receive assistance to further their education, the company experiences greater bottom-line results (as well as an 8% greater likelihood that program participants will stay with the company).
- Retirement Planning Options
While pensions are no longer the norm, many employees still value 401(k) retirement planning options. According to US News, these options are attractive to today’s employees due to their “transparency, simplicity, and portability.” Make sure that your retirement planning options easily accessible and understandable for employees, and they’ll be more likely to appreciate you as an employer and see the ways in which you’re rewarding their commitment to the company.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. For more information on our Total Rewards Software, REWARDview, click the button below!