As a company owner or manager, you will certainly want to retain only the most talented, loyal, dedicated, responsible, and hard-working employees. But doing so will not be an easy task, not with so many competitors interested in “pirating” your talents.
There are many ways you can do to inspire your employees to remain loyal to your firm. And a good way to start is by giving out your employees total reward statements. A total reward statement or TSR is a holistic and comprehensive view or report of an employee’s full compensation. This statement is distributed to ensure that all employees are fairly compensated and rewarded and that there are also other endeavours and efforts from the part of the owners or the management to guarantee their physical and psychological satisfaction with the company they are working for.
If it would be your first to create and hand out TSRs to your employees, old and new, below are some important elements that you need to consider and include to make sure that your goals for this undertaking will be achieved:
• Be as detailed as possible and make sure all the details to be placed are correct and true. This is actually the most important tip that you need to bear in mind. You can’t afford to place figures that you will not be able to give an employee at present or even in the future. And you don’t want to be branded as a liar or one who cannot fulfill promises by placing in details about certain rewards that you are not capable of providing your employees. Make sure also that the amounts placed on the statements are correct and are the ones you intend to have your employees know and expect.
• Put as many details as possible about the employee’s compensation and rewards. This is the time to boast of and make your employees feel valued and feel happier about being part of your firm. Include all aspects and elements, even something such as small free car parking or free movie tickets during the holidays.
• Put in graphs and pictures. Make your TSR stand out and really attractive by including branded pictures and a graph or infograph to point out more to employees that they do not only receive wages every month.