As our country enters recovery from the COVID-19 pandemic, the job market becomes more fluid.
The economy rebounds, and your best employees begin gazing at the developing job opportunities.
Be proactive – show your employees the advantages in working for your company!
During the past year many employers skipped providing total rewards statements to their employee. Now is the time to remind your employees of the exceptional benefits program you provide and the value in their total compensation package.
Make it more than a financial report. Employee benefit statements published out of HRIS programs generally lack the customization, personalization and pizzazz you’re looking for. It’s worth the additional cost to acquire the services of a third party vender who specializes in this all-important communication piece.
Total compensation statements provide a great opportunity to reassure your employees of your support – through the past year and into the future. And you can use this communication to drive your company brand, reinforce your mission and values, and communicate a personal, direct message from your company leadership to each member of your team.
Now is a great time to get started so that your employees can have their benefits statement in hand by early summer – the time of year when income taxes are out of the way and fewer other financial statements are hitting their mailboxes. Showing your employees a current annualized perspective of their total compensation gives them a picture of a full year’s worth of benefits costs based on their current elections. Or you may want to provide statements just before or after open enrollment. Employees who realize the investment made by their employer in their personal and family well-being are loyal and happier in their current job. By providing total rewards statements to your employees this year you can expect to see happier employees, which leads to happier employers!