Total Rewards Statements: Strategic Communications

The future of work has improved and evolved the employee experience. Organizations, however, need to become adept at communicating and showing employees the value they are providing to their employees. I am talking about compensation, benefits, wellness programs, perks, and everything else that may be provided to employees. This may be catered food or an education stipend.
This is what total rewards is. It is the value that organizations provide to their employees.
The problem is that unlike one's bills like a mortgages, groceries, or utilities that can be accessed in a streamlined way, companies do not provide similar insight to employees regarding their pay, bonuses, medical, employee discounts, and other offerings.
Organizations must carefully craft strategic communications show its employees that they are valued. One way of doing this is by streamlining total rewards for employees and providing them with a Total Rewards Statement.
Organizations need to leverage technology to provide Total Reward Statements and solutions that enable employees to access their total rewards live, on demand, digitally, and holistically.
This can be the difference between retaining a high-performing employee and losing them. Some high performers may receive competing offers that on the surface seem enticing. However, if the employee is provided a Total Rewards Statement and compares the two, they will likely find that the external offer pales in comparison.
Additionally, companies should show the percentage of increase overtime within their Total Rewards Statement. Showing a high performer their progression and the value that the company has invested in them can mean a lot.
Organizations today can no longer afford not to evolve and improve how they communicate the value they give to their employees and what they mean to their organizations. Incomplete pictures of rewards and value to employees is a costly mistake.
High-performing organizations know they must act and provide comprehensive access to rewards information. This can also assist with driving employee engagement.
This is a strategic choice of communication that companies can enact that can be driven by HR and Compensation. As seasoned HR professionals know, a little transparency and context can go a long way in helping to cure perceptions and reverse sentiments.
Reach out to DAS Capital Consulting today for help in constructing a Total Rewards Statement to strategically communicate the your company is giving to its employees.
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