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Total Compensation Statements role in engaging employees

  • Many employees have no idea what their benefits are worth.
    In fact, recent research estimates that most people underestimate the actual value of their benefits by up to 70%. How can you expect to motivate and engage your workforce if they discount the value of your reward programs by 70%? Total Compensation Statements provide a clear picture of the value of a range of monetary and non-monetary rewards you provide employees.
  • Your organization’s success requires engaged employees who are focused on achieving your organization’s goals.
    Employees recognize that their compensation pays for them to do their jobs. But you need more than adequate performance to be truly successful in today’s competitive business world. Engagement is what makes employees go the extra mile to satisfy customers, meet deadlines, or be innovative in their work. It is critical to business performance. The level of engagement between your organization and your employees may depend on how well you communicate the value of their Total Compensation.
  • Well-designed statements can improve employees' understanding and appreciation of their benefits.
    The cost of delivering total reward information through Total Compensation Statement is a fraction of the how much you pay for benefits and perks. But help employees make better decisions about their use of benefits, and educate them on saving for retirement, and you will ultimately increase employee engagement.