Total Reward Statements show employees their true value by breaking down how much is invested in their career.
The Total Reward Statement on MyBenefitsZone is available on the digital platform as a real-time statement, showing your employees that what you offer them is so much more than their take-home pay. With eight in ten employees underestimating their total reward statement by up to 30% can you really afford to not make this easily accessible?
Typically a Total Reward Statement is comprised of four elements; pay, benefits, learning and development, and the working environment. From one look at their TRS, the employee can easily understand their value to the business, as well as understand how their total remuneration changes over time.
Using a well-designed Total Reward Statement that is executed well, will make your business stand out from the competition and enable you to attract and retain the top talent.
Why don’t employees know about it?
A massive 64% of employers that have invested in benefits technology haven’t told their employees about it. Imagine MacDonald’s introducing a new burger but not advertising it. The key to success is advertising your offering well, otherwise, is there much point in offering it at all? Employee turnover can be costly so retention in your business is imperative, failing to communicate your reward and benefits offering effectively could cost you massively. A Total Reward Statement is a simple communication all-inclusive tool for the employee.
Clearly summarising what you offer the employee will increase engagement and demonstrate a rise in benefits take-up. Employers who have invested in Total Reward Statements have found their recruitment package is more attractive and have found higher employee retention rates.
Get in touch with MyBenefitsZone today to see how you can implement a Total Reward Statement into your benefits package today.