There is a high probability that you already know what total reward statements are and chances are your company might already use them.
Typically, a Unilever employee benefits statement is presented annually known to provide a comprehensive valuation of compensation, benefits, and any additional perks.
But besides this primary function, most people aren’t aware of what total rewards statements are achieving on their own.
Ultimately, it is up to the business to decide whether they want to offer total rewards statements alone, use them in conjunction with a portal through which employees can access their benefits-related information, or skip them altogether and use just a portal instead.
The following are a few things that can help you as a business can achieve by implementing total rewards statements in your organisation.
● Increase in the amount of engagement among the employees
● Fewer voluntary quits
● Increased employee retention
Many companies have succeeded in using total rewards statements. Beyond doubt, providing employee benefits statements is a better choice than giving employees nothing at all.
With that said, there are a few drawbacks to using employee benefits statements alone which you may want to consider as well.
It can create a burden on the human resource team
The annual preparation for Unilever employee benefits statements can increase support costs for human resources, and they can also take months to prepare.
They are expensive
Employee benefits statements, when presented annually, can be costly to prepare and may even wind up costing an organisation a lot more than you can ever think.
They are not future-focused
Employee benefits statements relay information that already happened; thus, they are technically outdated before they are even delivered.
This is because many organisations are looking out for a comprehensive total rewards system in which communications regarding benefit information and other employee perks are exchanged regularly, and this is more effective than using statements alone.
Furthermore, while providing employee benefits statements is certainly one way to help employees learn what the company offers. If you are seeking a way to improve engagement and productivity in your organisation, then you should fare better with a total rewards system, which takes an ongoing approach instead of being limited to a yearly event.
