Total Rewards Statements

Help Employees Understand the Value of Their Total Rewards

Communicating total compensation remains a high priority for employers. Total reward statements or total compensation reports provide employees with a detailed itemization of the full value of their employment with an organization. These reports are personalized so employees can easily understand the quantitative value of their overall compensation package.

In addition to personalized, data-driven employee compensation and benefits reports, USI can create similar statements relating to:

  • Retirement planning
  • Targeted savings plan
  • Retirement plan changes
  • Retirement choice
  • Open enrollment

USI’s process for creating total rewards statements focuses on three stages:

Discovery

  • Define roles
  • Determine content and variability
  • Discuss data sources and issues
  • Set deadlines for tasks and deliverables
  • Review statement design/layout options

Data Processing, Programming and Testing

  • Request and collect data based on final content
  • Program the statement and conduct full internal testing
  • Compile files and send frequency and range reports to clients
  • Perform calculations and data checks
  • Process final data for statements

Production and Measurement

  • Client reviews live test statements
  • Complete print production
  • Deliver statements
  • Participant communications: collect survey feedback from employees regarding the report
  • Debrief to review feedback and outline next year’s plan

Ensuring that employees properly understand the entirely of their compensation package improves how they perceive the overall value of their employment and reduces turnover.

To learn more about total rewards statements and how USI’s compensation solutions and services can help you manage your business and HR needs, email compensation@usi.com or contact your local USI office today.

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