Blog
Boost engagement with your total reward statements
23rd May 2023
Do you know the percentage of your workforce that is currently opted in to your rewards and benefits schemes? Chances are it’s falling below your expectations. When you consider the time and investment that goes into choosing these initiatives to support your hard-working employees, it can be disappointing when engagement and participation figures are low.
There could be several reasons for this:
- You have a young workforce trying to navigate the cost-of-living crisis. Pensions, savings and retirement are the last things on their minds
- The benefits of these schemes are not made clear enough, so employees are not incentivised to participate
- They’re not accessible enough to employees, or links to register get lost in inboxes and not actioned within the assigned time period
Total rewards statements engagement
Visibility and timeliness are key factors in ensuring engagement and uptake of your remuneration packages. Think about it – when is an employee most engaged with their financial matters? On payday, of course! And with 81% of employees having checked their last payslip, a payslip app could be the obvious place to include, and articulate, the value of your employee benefits.
Total rewards statements and payslips
Not all your employees are comfortable with financial jargon, particularly when planning for an uncertain future amidst existential economic challenges. Plus, lengthy and complex financial documents are not likely to be read. So it's crucial to articulate this information as succinctly and clearly as possible.
By including total rewards statements together with employee payslips, you can help employees to understand the connection between their pay and rewards - helping them to truly understand the real-time financial value of all the great benefits you provide.
UPDATE: In the year since this article was published, we've seen firsthand the enormous benefits of bringing employee rewards into the payslip portal. Having rolled out PayDashboard across Experian, we saw a staggering 551% increase in employee engagement, which you can read more about in this article.
PayDashboard & Total Rewards Statements
PayDashboard users can now access their total rewards statements directly through their payslip app. This great new feature will help employers to articulate the value of employee remuneration, while also being a key selling point for payroll providers wanting to bring more value to their client payroll service. If you would like to see how you can offer pay and rewards together in simple payday app for greater engagement, we'd love to hear from you.