"Forward-thinking" employers provide employees with total compensation statements or total reward statements that outline all of the employee's rewards.
Highly skilled talent is scarce—and getting scarcer. The quest for talent is leading many employers to step up their "pay brand" by being more transparent around compensation and benefits, according to PayScale's 2020 Compensation Best Practices Report.
"Workers today expect transparency because we are living in a digital, interconnected world where information about workplace cultures and practices are easily accessible," PayScale writes. "In a candidate's market, the best people are going to look for positions with employers who are open and fair, reward performance, and offer opportunities for learning and developing and career growth."
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
