Perry Doody, CompTrak Co-Founder and the Compensation Guy.
We have been fortunate to have delivered many different versions of online and mobile compensation statements. There are three key elements that are critical to a successful Total Rewards Statement:
1. The statement needs to be a personalized experience. There is nothing more personal than compensation. The employee should experience and feel that the statement is designed specifically for them including a personalized message with relevant information that pertains to their compensation package.
2. The second key element of total rewards statements is communication. The statement should educate the employee on the various benefits they receive and how their bonus was calculated. There are many different approaches to improving statement communication including features such as hovering text and a glossary page. Small additions go a long way in achieving improving the communication of total rewards statements.
Nearly 70-80% of employees utilize their smartphone to access an online statement.
3. Finally, the third key element of total rewards statements is mobile-enabled. The statement should be designed to be an interactive experience on the employee’s phone or tablet. A trend we are seeing is that nearly 70-80% of employees will utilize their phone to access an online statement
If you have a total rewards statement or just starting off, we would be pleased to design it within our framework and show you how the principles above can bring it to life. No matter what size your workforce is, our CompTrak framework can simplify and enhance your Total Rewards Employee Experience.