4 Trends in HR that Highlight the Importance of Total Rewards Stories

Key takeaways:

• Employees increasingly expect comprehensive total rewards packages that go beyond basic salary, requiring employers to clearly communicate their total rewards stories to their teams.
• There’s a growing demand for customized rewards statements that reflect individual needs and benefits, helping employees understand how their benefits align with their personal and professional goals.
• Transparent total rewards statements build trust, while personalized and engaging presentations can help organizations stand out in a competitive talent market and enhance employee retention.

Employees today are more aware than ever of the value and importance of total rewards programs. In a competitive talent market, they increasingly expect not just a robust benefits and compensation package, but also value communications that detail the organization’s total investment in them, reflecting how much the organization values each individual.

Several current trends highlight the growing importance of employers crafting total rewards stories that clearly and effectively communicate the full extent of benefits beyond just the basics. These stories help employees understand their true value to the organization.

This is also an opportunity for employers to reevaluate how they are telling their total rewards stories to their teams. Are statements aligned with the corporate brand and values, communicate with employees individually, and present their data in a visually compelling and engaging way?

These are some of the current trends in the HR world that highlight how important it is to be thinking about how to tell an effective total rewards story, and the impact it can have on employee retention, morale and engagement:

Employees are looking for a more holistic approach from their employers

Clearly, employees are looking for far more than cash compensation from their overall rewards packages. From retirement and profit-sharing options to wellness programs and other non-monetary perks, an expectation is growing among employees for more holistic rewards from their employers. Re-thinking your total rewards stories, and how they are presented/packaged, gives you a chance to help employees better understand and appreciate the full scope of their total compensation package, boosting satisfaction and engagement.

Increased demand for personal communications 

As workplaces meet the demand to become more diverse and flexible, there’s a growing emphasis on tailoring benefits to individual needs and preferences. Total rewards statements can be customized to reflect each employee’s unique benefits and position. Customized total rewards stories help employees see how the offerings align with their personal and professional goals.

Expectations of Transparency and Trust

In an age when transparency and accountability from organizations has become a hot topic, total rewards statements provide clear and detailed information about all aspects of compensation and benefits. This transparency helps build trust between employers and their teams, by showing not only the full value of the current rewards being provided, but also advising how those rewards can be maximized. Employees appreciate being “clued in” as to what benefits and rewards they may be missing.

Companies Differentiating Themselves through Total Rewards Stories

With intense competition for talent, organizations are realizing that telling total rewards stories more personally will help to separate themselves from competitors. Using engaging design and customized data analysis to convey the complete value of their compensation packages will help you attract and retain top talent. Employees are more likely to stay with organizations that speak to them personally and articulate the scope of their investment in them.

RewardsFocus has been working with companies to create and distribute communications that help them tell their own total rewards stories for over 20 years. This is how we partner with companies of all sizes to communicate total rewards more effectively.