The convergence of the Great Resignation and significant changes to the economy has put immense pressure on companies to effectively manage their spend while retaining their top talent. The current economic situation is forcing companies to weather market dynamics like inflation, higher interest rates, increased difficulty in raising capital, and retaining their best people.
The compensation and benefits provided to employees, commonly referred to as Total Rewards, makes up 75% of a company’s business expenses and is foundational to sustaining the team of people they need to succeed. But, often, employees don’t know the worth of what their company provides them, so they begin to look elsewhere.
HR teams rely on total rewards statements to communicate how the company invests in each employee, but they often struggle to fully articulate the full value of rewards. Producing these personalized statements can be a daunting task, especially for lean HR teams that have limited resources to administer total rewards statements. And while statements help employees understand the value of cash compensation, most are static documents that don’t reflect the value of benefits or equity, making it hard for employees to see the complete picture.
We’ve enhanced the Sequoia People Platform to help companies meet this challenge by creating interactive total rewards statements unique to each employee that detail cash compensation, the cost of benefits, the projected value of equity, and more, all in one place.
Companies can easily create, manage, and distribute rewards statements using the Sequoia People Platform. Through new integrations with HRIS, payroll, and equity systems, rewards data is unified in one place giving HR teams the ability to choose which rewards are visible to employees, configure the layout of statements, add descriptions for each reward, and assign statements to employees.
Total Rewards Statements give employees an interactive experience to see all their rewards in one place and is accessible from their Sequoia account. Employees can view their rewards by month, year-to-date, and history over their tenure, to see details about their salary, bonus, commission, retirement, and benefits. For companies that offer equity, employees have access to an equity simulator that calculates their potential equity growth over time. Statements update with each new paycheck, equity grant, and enrollment change.
Total Rewards Statements are an add-on solution of the Sequoia People Platform, available to all Sequoia clients. Visit sequoia.com/total-rewards-statements to learn more.