Timing is (Almost) Everything
One question we get a lot when we speak with prospective clients is “when should we send a total compensation statement?”
Each organization is different, so there’s no one right answer. However, here are three factors to consider when trying to determine the best timeframe for your organization:
- Actual vs. projected values – Some employers prefer not to use projected values. Reasons vary, sometimes having to do with employee expectations, and other times having more to do with data. But, whatever the reason, organizations that prefer including actual numbers generally choose to distribute statements early in the first quarter of the year, reporting amounts from the previous calendar year.
- Is there a time of year when HR has more capacity? Depending on exactly how an organization goes about creating and distributing total compensation statements there will be different demands on the time of staffers responsible for working on statements.
- When will a total compensation statement have the most impact? In our experience, employees are particularly receptive to total rewards communications after the merit/bonus process and before open enrollment. This gives the employer the opportunity to include the most up-to-date salary information while, at the same time, providing employees with a useful reminder of their current benefit elections and coverages.
Producing total compensation statements – whether in-house or partnering with a vendor – doesn’t have to be complicated. For additional helpful ideas not only on timing but on content, design and other essential elements, see our new white paper, which can be downloaded here.