Total Rewards Statements - Overview

Attract, Motivate and Retain your most valuable asset...your employees.

Hay Group helps organizations communicate the total rewards provided to each individual employee, demonstrating the organization's investment in ensuring employees are competitively rewarded for their skills, contribution and performance. The rewards package that you provide to your employees is among your organization's most significant investments.

Communicating the value of your total rewards program is critical for engaging and motivating employees. If employees are not aware of the full value of their total rewards package, then your organization's return on investment is significantly lower than it should be.

Total Reward Statements may help reduce turnover and increase retention rates. Not needing to replace one $40,000 a year manager, at a cost of 150%-200% of employee salary, provides a significant return on investment.

What are Total Reward Statements?

A Total Reward Statement provides employees with a personalized document that communicates the overall value of their financial rewards such as base pay, incentives and employee benefits. Total Reward Statements can also be used to reinforce the communication of less tangible benefits such as work/life programs, learning and development and flexible work arrangements.

Why produce Total Reward Statements?

  • To attract, motivate and retain employees.
  • To reinforce your brand and set yourself apart from other organizations.
  • Raise awareness and appreciation by focusing attention on the benefits you offer.
  • To reduce the cost of benefits administration by providing an employee self-service tool that results in fewer phone calls thereby enabling HR to focus on more strategic initiatives.

Who benefits from Total Reward Statements?

  • Organizations who strive to be the best in their field, with an emphasis on attracting and retaining top talent with a total rewards package that distinguishes them from other organizations.
  • Employees who are educated and informed about their rewards package and have the tools to assist them with their own financial planning.