Used effectively, total compensation statements will engage your employees. Better informed, they are at much less risk to feel devalued and look for work with another company
Employees often have little awareness of the value that the employer pays for their benefits, retirement, tuition and other financial benefits. You invest huge amounts for each of your employees; you must ensure that they understand the value of what you pay them and not only the base salary they receive.
Employers are increasingly using total compensation statements to communicate to employees all the benefits to which they are entitled.
Investing in employee communication: a winning choice
The few hundreds of dollars you will invest in communicating total compensation to your employees will have a great return on investment. A study conducted by Aon Hewitt indicates that 74% of employers who have implemented total compensation statements feel that it improved the engagement of employees. Similarly, 72% consider having built loyalty in their employees and leaders.
Although we don’t always want to believe it, employees shop for jobs even if they seem happy in their current position. Thanks to a better understanding of their wage conditions, employees are able to better compare offers made to them by a competitor. Knowing all the benefits they get from you, your competitor will have to provide a very generous offer so your employees are to be tempted to make the transition.
Employees are likely to increase their performance at work when they are better informed about their working conditions. Employees feel demobilised when they believe they deserve more than the salary they receive. By knowing the total remuneration that you pay them, they will see their significance to the company and they will want to do exceed expectations.
By having greater transparency in communication, employers are given new insight from their employees. A relationship of trust is established between the employer and the employee. In addition, the employee increases his understanding of his salary situation and challenges his employer is facing each year during the salary review.
We design custom statements for our clients. Choose from our models or bring your own model.
We offer a wide range of statements that you can choose and we will customize them according to the branding of your company. We also offer A to Z design service If you prefer having a new statement created.
Communicate the total value you offer
We put the emphasis on the value paid by the employer for each employee.
At a glance, the employee becomes aware of the benefits he gets through his job. He becomes familiar with the advantages that he gets by working for you. Of course, we do never do too much. The statement must remain transparent and not raise any issues in the eyes of the employee. We know how it is important that your employees do not perceive communication as smoke and mirrors. Which is why we create professional statements, with a clear message, while maintaining the human touch behind the employer.
Many employees dislike receiving too much communication from their employer. The annual salary review is an excellent opportunity to communicate to employees with the most important messages of the year.
Our total compensation statements are great for promoting your messages to employees. Well inserted in an important publication seen by the employee, your messages will be broadcast to all of the company and will be read with great interest.
For example, you could show the success of the company during the last year or indicate the challenges that the company will be facing over the next year.
Display your brand
The feeling of belonging to a company is an essential element in the engagement of employees. Employees are proud to belong to a strong and dynamic company. If you are this type of business, ensure to show your brand and spread it to your employees.
Total compensation statements are very effective in recruiting the best talent. When you make a job offer to an excellent potential recruit, send him a statement showing the total compensation he will receive and include your brand image. Not only will the future employee see the advantages in working for you, but they will be also impressed by the professionalism you show in the process of hiring. A statement customized to your brand shows the strength of your company: a company that will make him succeed.
1. When you are ready to create your own total compensation statements, we meet or communicate by e-mail, video conferencing, or phone to establish the statement template and confirm the data we need to produce the statements.
2. We produce a draft statement while gathering the data required. We will submit the draft of the statement and you may request revisions until you are completely satisfied.
3. Optional: We will check the consistency of the data that you provide and check their validity (e.g. we validate the consistency between the employment date and date of birth, between the salary and the type of position, between the credited service and age, etc.). We send you a series of questions about these cases before continuing.
4. When we have your approval to produce the final statements and have received the final data, we produce the set of custom statements. We make several tests on the statements to eliminate processing errors and provide you with a product of the highest quality.
5. We provide you with all of the statements in PDF format and we discuss the employee statements delivery (made by us or by you, depending on your choice)
Delivery of documents
All statements are transmitted to you in PDF format before delivery to employees. You inspect the final product until you are fully satisfied then the statements are ready to be delivered to employees. We offer three options of delivery to employees:
1. Statements are sent to each employee in a custom and protected email.
2. Statements are mailed to the home address of the employee (subject to the cost of postage and handling).
3. You take care of it yourself by sending out statements to your employees by internal mail or any other means of your choice.
Are you determined to become a modern employer and to be transparent with your employees?
Know that it will not cost you much and you’ll earn a priceless ROI. Improving the retention of your best talent is worth more than the few hundred dollars that the total compensation statements cost.
We put great emphasis on the importance of transparency to your employees, and we will be just as transparent with you.
It is difficult to quantify the cost of a total compensation statement since it is different according to each company and depending on the offered benefits, carrying messages, and the complexity of the schemes.
Here’s an idea of the magnitude for a company with 100 employees. It takes an average $ 5-10 per statement if you use one of our designs offered in our templates library. Of course, this price includes the personalization of the statement with the image of your business to your profits and carrying messages. In general, the more employees your company has, the lesser the unit cost of each statement will be.
Added to this cost are custom services that you can chose (not mandatory), such as the validation of data or complete creation of a new statement. Our hourly rate is $45 an hour. In all cases, this important communication is very affordable and it will greatly help you to engage your employees.