Salary and bonuses are important, but they’re only a portion of someone’s total rewards from an employer. Health insurance, retirement, stock options, paid time off, and wellness and education stipends add real value to an employee’s professional and personal life. 

But many employees aren’t aware of all the benefits and perks they have, let alone appreciate how much they bring to the table financially, so what’s to stop them from thinking there are better options elsewhere? It’s up to companies to showcase the reasons talent should want to join and stay with them, and total rewards statements (TRSs) that offer a clear breakdown of someone’s entire compensation package are a good way to start.  

“For most of my clients, it’s been about, ‘What can I get in the hands of my recruiters to get people to come to work?'” says Heather Smith, VP of HR strategy and CPO at Flimp, an employee benefits communication platform. In a previous role, her employer also used TRSs to remind people of all the benefits they had — something especially impactful if annual salary increases were not as high as people were hoping, she says. 

Flimp just released its own TRS product, which employers can customize with their branding and a personalized greeting from leadership, an overview of the monetary value of all an employee’s pay and benefits, and an explanation of each benefit listed. The TRSs are ready for employers to distribute within two weeks via whatever channel they choose, such as by email or text message. 

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Source : https://www.benefitnews.com/news/how-companies-are-using-total-rewards-statements-to-boost-retention