Employees are looking for more flexibility at their workplaces rather than concentrating only on salaries and benefits packages. Because of the disruption due to COVID, people want to retain flexible working hours, health benefits, and a good number of vacation days. Above all of that, workers are more serious about motivation and empathy than ever before. If you treat your employees like a part of your family, they will deliver you stellar performance and don't think of leaving your organization. You have to be flexible and bring changes in the work processes to synchronize with the changing business needs. Flexible rewards for employees help you to unlock true potential and provide a phenomenal total rewards experience. Let’s look into the Total Rewards Components that need to be revamped for a better experience. 1. Pay: Companies are becoming more flexible in providing compensation benefits and hikes in salaries. In today’s scenario, the achievement of team goals and honing
Total reward statements are crucial for enhancing benefits options and improving employee retention.
Employers use Total Reward Statements for
explaining to employees the actual value of their pay and reward package. This
includes basic pay, bonus, overtime, pension contributions, health benefits,
conveyance allowances, etc.
It is crucial to let new joiners know all the
components of their salary at the beginning to avoid any confusion afterward.
Total Reward Statements are provided annually by
employers to employees in an organization.
How to use Total Reward Statements at Your Workplace?
Employers can use Total Reward Statements as part of an effective and feasible communication strategy that is essential
for increasing employee awareness and appreciating their total reward. The
statements can be used at the workplace for various reasons:
●
Helps to boost employer’s
ability to attract, recruit and retain the best talent. If you focus on
creating and highlighting the organization’s total rewards strategy and
benefits during the recruitment process or performance review time, you will
succeed in winning the trust of employees in your organization.
●
Managers use total reward
communication for appreciating the employee’s worth through compensation package
and benefits. It is an effective strategy to minimise employee outlay.
Why Offer Total Reward Statements?
Total Reward
Statements are useful to employers for a number of reasons. Such as:
●
Make people understand the
true value of their pay, reward, and benefits package
●
Increases awareness of their
pension value and need for making contributions
●
Establish transparent
communication between employers and employees
●
Enhances employee retention
in these competitive times
●
Employees can decide whether
they should opt for benefits like pension or any health insurance.
●
Online availability of reward
statements boosts employee engagement.
Global Reward Solutions UK is a top-quality reward
management platform that builds compelling reward programs for companies
across the world. They even
provide their own customers and employees with incredible rewards – it’s
that effective.
Your employees’ satisfaction matters the most and
you should put every single effort into achieving it.
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