- A Total Rewards statement summarizes the value of the organization’s Total Rewards offering, personalized for each employee. Yet many organizations don’t take advantage of this form of communication.
- It's not enough to simply provide employees with Total Rewards (TR) statements – employees must actively review and understand them. HR needs to partner with managers to TR statements live up to their promise.
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- Use TR statements to develop or reinforce the employee value proposition (EVP). Remind employees that they receive more than just a salary.
- Increase awareness and understanding of the various items of the Total Rewards offering. Enable employees to make informed comparisons against competitor offerings.
- Improve pay transparency by helping managers conduct effective pay conversations with employees.
Impact and Result
- Greater employee awareness and understanding of the entire value of their Total Rewards package, reinforcing the EVP.
- Improved pay conversations between employees and managers, ensuring the right message gets across.