Whether you refer to them as total rewards statements, benefit statements, or total compensation statements, effectively communicating the true value of pay and benefits is critical to an employer’s efforts to inform, motivate and retain employees across the enterprise.
Here are five tips for making sure that your organization’s total compensation statements have the impact that they should:
1. Tell a story
When you think about your organization’s total rewards program, don’t think in terms of a list of benefit and compensation plans or a list of dollar amounts. Not only do leading employers think strategically about benefits and compensation, they also see the composition of their total rewards programs as a reflection of the organization’s mission, vision and values. Use your total compensation statement to tell your organization’s unique total rewards story.
2. Think like a marketer
Think about a total compensation statement as a marketing communication. Look at it as an opportunity to “sell” the organization to your current employees, and make sure that it contributes in a positive way to helping an employee explain what is unique about the organization and why it’s a great place to work. Think about how the statement will contribute to building up your brand as an employer of choice.
3. Consider benefits to highlight
While your total compensation statement will no doubt include the basics, give some thought to how best to include and position such benefits as your corporate wellness program, training and career development, and work/life programs.
4. Choose the optimal distribution method
Consider your employee population and think through how best to attract and hold employees’ attention. For some organizations, the Web makes the most sense while, for others, print statements will be more effective.
5. Send statements at the right time
Although there is never a bad time to put the total rewards message in front of employees, they may be more receptive at particular times of year. Whenever you choose to distribute statements, make sure they complement other employee communications.