Last Friday's employment report was the strongest one of 2015. In addition to recording the lowest unemployment rate since April 2008, wages were up 2.5% from the previous year. According to The Wall Street Journal, "the economy is gaining traction and the steady pace of hiring is finally translating to long-awaited wage growth."
Great news for workers, the economy and the country. But for employers, there is also a challenge - how to hold on to the best workers.
Without question, employee retention is a complicated topic - there are all sorts of reasons why employees move on, and there are many tools and strategies employers can use to minimize turnover. But one important tactic that is sometimes overlooked is communications - specifically, total rewards communications.
While HR professionals are rightly concerned about making sure their organizations provide competitive pay and benefits, it's very important to keep in mind that how total rewards are communicated can have as much impact as what makes up a total rewards package. There are countless organizations that provide excellent total compensation to employees but, because these organizations do a poor job of telling their total rewards story, the investments being poured into total rewards are not having the desired impact.
If your organization could use help with total compensation statements or other types of total rewards communications, contact us and let's talk.