Even now, when times are hard, most employers are spending between 10% and 30% of their salary bill on employee benefits. This is a staggering amount of money, but do employees fully appreciate and recognise the value of the extras they are getting?
So many employees think the grass is greener elsewhere and leave their current employment to go to another job that may pay a tiny bit more, but do they look at the bigger picture and take into account the benefits they receive on top of their basic, such as pensions, bonuses and tax saving salary sacrifice schemes such as Childcare vouchers and Cycle schemes?
For this to be fully appreciated, employees need to be shown in a clear and concise format, the value of the benefits they are receiving, on top of their basic salary.
Total reward statements can improve the employees understanding and appreciation of the benefits they receive, by seeing the actual value in black and white. Employee engagement is key and providing this kind of information goes miles to improving retention as well as attracting new employees.
The cost involved in producing such statements can be fractional in comparison to the benefits offered and can also be added in modular online benefits portals, where all staff benefits are housed under one roof, which is a god send for all HR professionals and employees alike.
In a time when it is imperative that employees appreciate the true value if their benefits, the saying ‘What you see is what you get’ has never rung truer.
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