The Concept
The purpose of the rewards statement is to summarize in a single document all the components of direct and indirect rewards offered to employees, using a personalized form. It presents the monetary value of each of the elements to which the employer contributes and from which the employee benefits.
Salary, bonus (targeted and paid), group insurance, pension plan, vacation, training, car allowance, etc. It may also be relevant to state the intangible benefits that make up the work
experience. Modern and collaborative office space, parking spaces, proximity to public transit, subsidized cafeteria, access to discounts with certain partners, flexible work hours, work-life balance, etc.
The Purpose of Use
Of course, attracting and retaining high-performing resources within your organization is one of your main objectives when you invest in your human resources.
Retention
In terms of retention, the rewards statement offers a unique opportunity to raise your employees’ awareness of the true value of their jobs. Thus, when they are solicited for other opportunities, they will be able to determine that the offer of a salary increase is sometimes not sufficient to compensate for all the components of their total rewards.
Recruitment
In terms of recruitment, it will be easier for you to present your overall total rewards to candidates and convince them to join your organization by making it easier for them to analyze all the benefits to which they will be entitled.
Lussier’s team of rewards experts is at your disposal to establish with you the implementation plan for better communication of your rewards policies and practices.
