Make your employees aware of their total reward
Salary is important. However, it doesn’t provide the whole picture. In today’s war for talent, it’s essential your employees feel valued and appreciated. And the best way to do this is making them aware of your full investment.
When negotiating a job or discussing their current compensation, it’s common for people only to refer to their salary. Unfortunately, this means they’re missing out on a significant portion of their total reward and compensation package, including benefits, insurances, pensions, and other add-ons.
Our research reveals that 80% of employees underestimate their total compensation. For employers, this unawareness results in lost money spent on unused benefits and an increased risk that employees will go somewhere else they believe they are better compensated.
With Benify’s Total Rewards Experience, employees are presented with an engaging and digital visualization of their total reward. As a tool for both retention and attracting new talent, think of a Total Reward Statement as an enhanced employee value proposition that illustrates the true value of an employee’s total reward and compensation package beyond just his or her salary.
Any changes to an employee’s compensation, such as a bonus or enrollment in a new benefit, are reflected and updated on their Total Rewards Experience in real-time and then linked to the Benify Communications Engine to ensure personalized reminders and updates. Use Benify’s Total Reward Experience together with the communication engine and Benify app to drive employee engagement.
This way, employees are always aware of their true worth.