17 Dec Do You Really Need Total Rewards Statement Communication?
If you’re already offering employee benefits statements, you may wonder if it’s really necessary to maintain total rewards statement communication. After all, employees can see everything they need to about the full value of employment right on their total rewards statements – do you really need further communication about benefits?
The answer is yes. Here’s why:
- It’s Crucial for Millennial Employees. In a recent blog post, Bloomberg BNA cited a Futurestep study that showed that besides pay, an ability to make an impact in the organization and work/life balance were the two most important priorities for Millennials. Because Millennials are now the largest age group in the workforce (Pew Research), it’s more critical than ever to make extra efforts communicating the ways your organization cultivates a healthy work/life balance, provides growth and development opportunities, and offers ways to make a noticeable impact.
- It Encourages High Performance. Top performers want to feel appreciated for their above-and-beyond efforts. You can use a total rewards communication outlet to reiterate the ways in which high performers are recognized for their hard work, such as total reward statement software or an employee portal where associates can access benefits information. When they understand that they’re appreciated, employees will be more inclined to continue performing well.
- It Drives Retention. A CEB Workforce Survey found that total rewards communication can lead to a 50% decrease in turnover risk. This is likely due to the fact that effective and ongoing total rewards communication helps employees understand the full value of employment. When associates know that your organization offers a competitive total rewards package, including everything from training and development opportunities to vital health benefits, they’ll be less likely to leave in search of better options.
Thus, even if your employees can access all of the need-to-know information about benefits on their total rewards statements, there are still many advantages to maintaining ongoing total rewards communication.
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!