Total compensation statements provide HR teams with an opportunity to communicate with employees about their benefits and to showcase just how much the company has invested in them. This has a number of positive effects, such as helping HR teams to attract, motivate and retain employees. In addition, total compensation statements:

Keep employees updated on current compensation and benefits.
Raises awareness and appreciation for the benefits your company offers.
Reduces cost of benefits administration.
Give employees a yearlong reference, taking some burden of HR.

Benefits of an online total compensation statement

Typically, total compensation statements are given to employees in a printed or digital format. Printed statements are great for employees who need something tangible to look at. They can create good will if managers hand them out to employees and it spurs conversations about how employees are valued. However, people are used to being able to access everything online, so we are seeing companies increasingly move towards digital total comp statements. Furthermore, online statements:

Are dynamic (look great on any screen size) and interactive.
Can be integrated with an online benefit platforms.
Have engagement analytics, so you can gauge current successes and how to plan for the future.
Can easily be updated and refreshed.
Do not require resources and time to print and mail.
Can include calls to action and other information to push employees to opt in to programs they are currently not taking advantage of.

Where to begin? A few best practices

Total compensation statements can be a big, time-consuming project that you may not have had time to tackle in a while (or ever). As you begin to think about rolling out a total compensation statement to your staff, you will want to consider the type of data to include, the design, go-live date and how to promote the statements.

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The value of total compensation statements

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