20 Mar What Do Total Compensation Statements Say About Your Company?
Measuring employee perception is a hot topic among many organizations right now, and for good reason: the better you can understand what your employees think about you as an employer, the better you’re able to identify and address any areas that may need improvement. One way to improve the ways in which you’re viewed by your employees is to offer total compensation statements.
Total rewards statement primarily function as clear, digestible explanations of all the ways your company is rewarding employees. On a higher level, however, these statements reinforce the following messages to your teams:
- We’re Committed to Communication
Driving communication – especially surrounding key topics like compensation and total rewards – is critical to retaining top talent. In fact, HR Zone reports that an organization with 1,000 employees may lose over $500,000 each year in the form of absenteeism and rising turnover due to poor communication.
- We’re Paying Attention to Your Performance
To fuel commitment from your teams, you must illustrate the ways in which you’re recognizing their contributions. In fact, employee recognition is critical for achieving three main objectives, according to com: reducing turnover, improving company culture, and boosting performance. Your total compensation statements help employees see and understand the link between their performance and the ways they’re rewarded for it.
- We Care About Your Needs
You know that a lot of thought and planning goes into your organization’s total rewards package. From supporting continuing education to allow employees to progress in their careers to offering 401(k) options to help them in safeguarding their futures, organizations have countless options to support their people’s ongoing needs. Yet, if you’re not making employees aware of the full value of these reward options, you’re missing out on a critical opportunity to show them that you’re putting their needs first.
Compensation statements can significantly impact the way your associates perceive your company, and the best part is that they don’t have to be overly complex. You can learn more about the must-have items to include on your statements here.
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!