Total Compensation Statements: mail out, handout, or online distribution?
If you are distributing total compensation statements to your employees by only one method, we recommend mailing to home addresses:
- There is greater opportunity for the spouse to see the statement if it arrives in the home mail box. They are often involved in the family finances, so why not maximize the chance of doubling the impact of your total comp statements!
- It greatly reduces the chance of your employees sharing their statements with each other. Compensation information should be a private matter.
Some of our clients actually use at least two of the three methods of distribution. First, supervisors sit down one-on-one with their employees and discuss the employee’s benefit statement while viewing it onscreen. Soon after, the statements are mailed out to home addresses, and made available digitally for employees to view through their company login. Multiple touches increases the impact.
The value in handing out total rewards statements to your employees is in the personal touch they receive, and in the confidence that your employee received it. If done in a sit down meeting, you have the opportunity of reviewing the statement with your employee, heightening the impact.
Our experience shows that online digital distribution as the only means of distribution can be disastrous with view rates as low as 25%. One client asked their group of 2300 employees if they prefer to receive their benefit statement online instead of in print. Less than 10% asked for online only! The value of receiving a professionally developed and printed total compensation statement printed on quality paper stock in full color communicates a powerful message. And as our culture continues moving towards digital, the power of print becomes more unique and impactful.