As an increasing number of organizations move toward complete pay transparency, the importance of informing employees about exactly how they’re compensated is a key part of the process. Total compensation statements are a way to paint the bigger picture by showing your employees the breakdown of their benefits and rewards beyond just base salary.
Total compensation, when communicated effectively, can help boost employee engagement, retention and talent attraction while educating employees on how they’re truly being compensated. It’s vital to include the right information, adhere to certain best practices and arm your managers with the tools they need to engage in discussions with employees.
Keep reading to learn how to communicate total compensation to your employees, so you can optimize the outcomes.