A total rewards statement shows employees the annual value of their total compensation package.
Attracting and retaining top talent requires more than just offering a competitive salary. A total rewards statement (TRS) is a tangible way to show your employees the full value of their compensation package, including a wide range of employee benefits and perks.
Total rewards statements improve pay transparency and give employees an easy way to see the annual value of their total compensation including the value of their equity and benefits. It provides a comprehensive breakdown of things like salary, equity, bonuses, pension plans, insurance and transportation stipends.
Showing the full monetary value of everything you offer employees in a total rewards statement can make job offers more enticing and help you compete against companies that may be able to offer higher salaries. Since most employees don’t know all the benefits offered to them, or what the monetary value is, it can also help with attrition.
A TRS can be built into your Benefit Hub portal and employees can view their total reward anytime. Enquire with us for more information.
