Total Compensation: Why It’s Key to Attracting and Retaining Talent
The U.S. labor market remains strong, which means that employers continue to compete for talent. At the same time, companies do not want to pay more than they have to in order to bring on new employees (and retain their current employees). How can employers attract and retain top talent without breaking the bank? Organizations…
Employers Continue to Absorb Rising Health Insurance Costs
KFF recently issued its 2024 Employer Health Survey and – to the surprise of nobody – found that annual premiums for employer-provided health insurance shot up yet again in the past year, rising 7%. What is interesting, however, is that the share paid by workers was little changed; in fact, according to KFF, the premiums…
How to Create Meaningful and Comprehensive Total Rewards Statements
Key Takeaways: Understand the Purpose: A total rewards statement helps employees understand the complete value of their compensation, beyond their salary. Include All Components: Cover base salary, bonuses, benefits, and non-monetary rewards. Be Thorough and Transparent: Use straightforward language and provide detailed explanations for each component. Personalization: Tailor each statement to reflect the individual employee’s…
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…
Putting People First: Taking a Personal Approach to Total Comp Statements
Key takeaways: Personalized Design: RewardsFocus offers custom-designed total comp statements tailored to reflect your company’s culture and values, ensuring clarity and engagement. Expert Collaboration: Work directly with seasoned HR and data analysis professionals to create total comp statements that align with your specific objectives and branding. Enhanced Communication: Our approach to both content and design…
Total rewards communications: increasingly critical to employee retention
Key takeaways: In order to engage and retain their workforce, organizations should prioritize more effective total rewards communications. Some recommendations for how to do so include: Design statements that reflect company values and mission. Personalize communications with narratives and acknowledgment of individual contributions. Collaborate with experts, rather than simply relying on software. Use charts and…
Total Compensation Statements Help Employers Recruit and Retain Top Talent
A recent article in Employee Benefit News notes that U.S. companies continue to be cautious when it comes to handing out raises and bonuses. But in today’s environment of historically low unemployment, employers still need to compete in order to recruit and retain top talent. One tactic they are embracing is improving their benefits offerings. Unfortunately for…
New Survey Shows Link Between Understanding and Appreciation of Total Rewards
Over breakfast the other day with a CEO friend of mine we were discussing the ongoing challenge of recruiting and retaining good employees. As we were chatting, I showed him a few examples of total compensation statements that RewardsFocus had recently delivered; he commented on how necessary these communications are since so many employees just…
Timing is (Almost) Everything
One question we get a lot when we speak with prospective clients is “when should we send a total compensation statement?” Great question. Each organization is different, so there’s no one right answer. However, here are three factors to consider when trying to determine the best timeframe for your organization: Actual vs. projected values –…
Study: Employers Pay Nearly 75 Percent of the Cost of Health Insurance
Chances are you didn’t see the above headline last week. However, it is one takeaway from the 2018 Employer Health Benefits Survey published by the Kaiser Family Foundation. Most articles about the survey focused on the finding that the average cost of employer-provided health insurance reached nearly $20,000 over the past year. Of course, there is…