13 Dec The 4-1-1 On Total Rewards Communication: A Brief Explanation
At its core, Total Rewards (TR) Communication is exactly what it sounds like: it’s a way to effectively communicate your total rewards program to employees. But it’s also much more than that.
TR Communication is a way to improve the relationship between employers and employees.
This communication shares with an associate the value of working for the employer during a specific period of time in the past – and can provide a look into the future.
What’s more, TR Communication allows employees to more clearly understand how their incentive program works and see the value of retirement savings plans and health care benefits. Employers use TR Communication as a way to engage employees. It is not just a list of financial items. Rather it is a way to express and reinforce the company’s strategy about talent, compensation, pay for performance and rewards.
TR information can be delivered on a statement (printed or electronic form) or with a full online experience – a personalized web site or portal. You can determine which delivery method will fit best with your existing processes and company culture; however, the online method is preferred since it allows for the presentation of current data (and it is how employees want to receive information.) It also gives greater flexibility and the ability for easier personalization.
There benefits of TR Communication are significant, but for this overview, we can summarize them in this way:
- Restates and reinforces the value of people to the success of an organization.
- Provides a clear message on human capital investments and their alignment with business strategies and goals.
- Challenges the notion of the competitor’s “grass is greener…”
- Helps dissuade entitlement if properly implemented.
- Provides a discussion framework for managers to value their employees.
We like to think of TR Communication as the “central hub” for information about compensation, benefits, and other items associated with employment. Besides aggregating the full financial value of employment, associates find it useful to have one convenient place to go to find this information. We have all struggled with looking for log-in information for different web sites and managing multiple passwords and user IDs. A central hub eliminates this pain, as far as Total Rewards goes.
As you plan the TR Communication, it’s important to think about two key items:
- How does this reinforce our stated goals for TR Communication?
- What advantage does an employee receive?
In our experience with planning, implementing and supporting these solutions, we see firsthand how employees embrace TR Communication. The Return on Investment is substantial.
While this should give you a comprehensive overview of what you can expect by adopting a TR Communication strategy in your organization, there’s much more to learn about how to optimize your total rewards statements and other best practices. If you’re interested in finding out more, take a look at the resources in our blog.
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!