Retaining employees is critical to the success of any business. With the cost of turnover amounting to 100% - 200% of each lost employee’s annual pay, losing employees can be very expensive for an organization.
Feelings of being under-compensated or of not receiving adequate benefits can lead employees to seek other employment opportunities. All too often, however, employees significantly underestimate the total value of their compensation package or are unaware of all the benefits they receive.
Our Online Total Compensation solution is designed to ensure that employees fully understand the total value of the annual pay and benefits contributed to them, as well as the long-term value created by benefits such as 401(k), stock purchase and stock options.
Employees who feel well compensated for their work are likely to be more engaged, motivated, and productive in their jobs.
Improve Employee Retention
Most employees underestimate the total value of their compensation package. By effectively communicating this information, employees will better understand how much they are valued, and will be more critical of competitor’s employment offers.
Focus on Strategic Initiatives
Providing the total compensation statement online, in a self-service format, frees human resources, benefits and payroll personnel time from responding to employee inquires, allowing them to focus on strategic initiatives.
Our solution can be used as a portal to keep employees informed about such topics as: discount programs, upcoming employee events, future changes and contact information, in addition to compensation and benefits.
Our solution can be used to model the total potential compensation candidates may receive, giving you an advantage over other companies that can only communicate the base salary for the candidate.
Track Employee Priorities
By tracking employees’ site usage, employers gain valuable information on which benefits employees value most.
Replace existing printed benefit statements with our online solution allowing employees 24/7 access to their own information, including personalized PDF total compensation statements that can be saved or printed by employees directly from the site.