Smart Benefits: Share Value of Benefits with Total Compensation Statements
Monday, October 01, 2018
And one of the biggest draws for workers is the salary and benefits a company offers. Sometimes, though, the true value of these offerings isn’t fully understood by employees, which could prompt them to seek out opportunities with more robust packages.
To help employees get a complete picture of your offerings, consider issuing total compensation statements to workers.
These documents, which can be printed or online statements, allow employers to share how much they’re investing in workers by showing the overall value of everything from base pay to intangible perks like flexible hours.
If you plan to issue total compensation statements, here are five ways to maximize their value:
- Determine the data you want to share, keeping in mind it will need to be personalized for each situation.
- Keep the information up to date so statements are always current.
- Create documents that are easy to read and understand at a glance.
- Make sure the data is accurate or you’ll erode trust.
- Introduce the statements with a communications campaign that explains why they’re important.
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