Total rewards: everything you need to know

Denzel Moyo / Posted On: 21 December 2021 / Updated On: 21 December 2021 / Compensation and Benefits / 1

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Total rewards: everything you need to know

Salary is important. It does not, however, convey the entire picture. In today's talent war, it's critical that your staff feel valued and appreciated. And the easiest method to do it is to inform them of your entire investment.

 

People frequently allude to their pay when negotiating a job or discussing their present compensation. Unfortunately, this means they're missing out on a sizable amount of their total reward and compensation package, including benefits, insurance, pensions, and other perks.

 

According to Benify research, 80% of employees undervalue their entire salary. Employers suffer financially on underutilised benefits due to this misinformation, and there's a higher chance that employees may leave for a job where they believe they'll be better paid.

 

Employees may see the total worth of their whole reward and compensation package, which goes beyond their wage when employers offer each employee a Total Reward Statement



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