Retaining high-value employees is a key driver in business success. They create better efficiencies. They maintain and ensure high productivity. They enhance and sustain the stability of any company. And if you thought hiring the ideal staff is a challenge, employee retention is an even greater task because with many companies trying to poach high-performing employees from other companies, you could face losing valuable staff members to bigger businesses offering bigger rewards.
It is a fact that happy employees stay with their current employers. Therefore, keeping the members of your staff happy becomes a high priority. For some companies, this would take providing their workers with total reward statements or TRS. A TRS allows employees of a company to have a better comprehension and idea on the compensation and benefits a company is able to present them.
Such a personalized statement may contain the salary, pension, and/or the shares an employee may be entitled to as a staff member of the company. The TRS also becomes an essential tool in communicating a company or organisation’s full rewards package for its workers in the absence of pay rises since it contains the full range of rewards an employee has access to.
To know more about total reward statements or TRS, visit this website.