Everything you Need to Know About Total Rewards Statements
What is a Total Rewards Statement?
A Total Rewards Statement (TRS) is a personal and unique statement communicating the overall value of an employee’s compensation package. A TRS highlights cash compensation, employer contributions to benefits, non-cash compensation and any additional perks the employee may receive.
Common categories in a Total Reward Statement are basic pay, bonuses, long-term incentives, equity, medical, dental and other healthcare benefits, paid leaves, retirement or 401(k) contributions, insurance premiums, allowances and discounts. All components are given a monetary value to show the employee the true value of their employment package.
Benefits of Total Reward Statements
Improve Morale
Compensation is more than just the paycheque at the end of the month. Many employees do not know the full value of their compensation package or how much the benefits, insurance and other premiums they receive are worth. CompTrak’s Total Reward Statements bring together all those components for the employee to see the true value of their employment in one quick snapshot.
Attract New Talent
Total Reward and Compensation Statements provide your employees with an accurate and all-encompassing breakdown of their compensation which allows your company to perform better in attracting and retaining key individuals. For employees on your Long-Term Incentive Plan, show the walk-away value of their vesting options and equity awards.
Increase Engagement
Are your employees taking full advantage of their benefit programs? With dynamic Total Reward Statements, you can show them which benefits they have access to but are not using. Integrate links to important sites like your Intranet and benefits provider. CompTrak’s Total Reward statements can also be used for plan acknowledgement for new employees.
Reduce Workload
CompTrak integrates with your HRIS and many third-party providers to provide automated data feeds for your statements. Quick, easy and simple uploads can be configured for uploading information via spreadsheets. In addition to providing online visibility for your employees, you can still create PDF versions of their statements at the click of a button.
Educate
Customizable statements allow you to drive home your corporate culture and reiterate your company branding. CompTrak’s Total Reward Statements can be utilized as a tool for educating your workforce and strengthening your company’s mission and values.
Total Reward Features
Interactive
Our statements are responsive and render for mobile and tablet access. Incorporate hovering text, definitions and a customizable glossary to give your employees a better understanding of their compensation and benefits plan.
Engagement
Gain insights with the ability to track access and type of device. Total Rewards Statements can be configured to allow the employee to submit information and capture plan acknowledgement as well.
Availability
All statements are mobile-enabled; employees can now receive stylized statements, when, where, and how they want. CompTrak allows you to retain historical information and also model future benefits.
Support
CompTrak wants you to consider us an extension of your team. We provide user and admin training, help desk support, quality assurance and test environment access, documentation and onsite support as required.
Security
CompTrak’s Total Reward Statements are stored in a highly secure cloud solution. Enable Single Sign-On (SSO) with your corporate directory for user management or with forms authentication.
Design
Total Reward Statements should be customized to your branding, messaging, and objectives. Customized welcome message can be assigned to all employees or specific subsets.
Integration
CompTrak can retrieve and refresh data from multiple sources, including your HRIS and other third-party applications. Custom templates can also be configured for data upload.
Customizable
Within an organization, employees receive different levels of benefits and compensation. CompTrak’s dynamic statements allow you to control the visibility of those benefits. A Manager module allows gives leaders access to their direct employees.
Step-by-Step Guide to Implementing Total Rewards Statements
It takes on average 4-8 weeks to implement fully functional online Total Reward Statements. CompTrak's Total Reward and Compensation specialists are ready to work with you through the process and help you increase engagement, lower retention and improve morale at your organization.
"When designing Total Reward Statements you need to make sure they are responsive and offer an interactive experience on desktop, tablet and phone. A trend we are seeing is that nearly 70-80% of employees will utilize their phone to access an online statement"
Free Statement Design Mockup
Send us an enquiry to see a live mockup of what your company's Total Reward Statement could look like
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FAQ
Compensation statements provide employees with information about their compensation and pay package. Compensation statements will differ between and within organizations depending on your compensation plan structure. The typical compensation statement will include; Base Pay, Bonuses and Equity.
Total Rewards differentiates from a compensation statement with the inclusion of various benefits and perks you may receive in addition to your pay package. This includes, but is not limited to, medical, dental and other health-related benefits, retirement or 401(k) contributions, disability coverage, allowances, tuition reimbursement, discounts and any programs/policies your company provides.
CompTrak provides both Total Rewards and Compensation statements for its clients. The modular framework allows us to customize the online statements to match your compensation and total rewards offering.