Improve Employee Retention With a Total Rewards Statement Strategy, Says McLean & Company
McLean & Company, trusted partner of HR and leadership professionals around the world, has published a new research blueprint to guide HR leaders to build a total rewards statement. This timely research will allow HR leaders to summarize the value of the organization’s Total Rewards offering and help reinforce the employee value proposition (EVP), an important strategy to combat the Great Resignation.
A Total Rewards (TR) statement is an effective communication tool that summarizes the value of the organization’s Total Rewards offering, personalized for each employee. TR statements are valuable because an employee’s perception of their compensation doesn’t always match reality. Showing candidates their TR offering will increase the organization’s ability to be competitive in the labor market. Employees who are aware of their entire TR package are less likely to leave the organization for a small increase in base pay.
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However, it’s not enough to simply provide employees with TR statements – employees must actively review and understand them. McLean & Company’s research indicates that HR needs to partner with managers to ensure TR statements live up to their promise.
In the newly released blueprint, McLean & Company’s framework models a three-step process for developing TR statements. HR leaders can use the blueprint to identify items to include and to audit TR data, design the TR statement, and distribute and obtain feedback. This type of approach will allow HR leaders to:
- Use TR statements to develop or reinforce the EVP. Remind employees that they receive more than just a salary.
- Increase awareness and understanding of the various items of the Total Rewards offering. Enable employees to make informed comparisons against competitor offerings.
- Improve pay transparency by helping managers conduct effective pay conversations with employees.
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