  {"id":20721,"date":"2020-05-08T08:02:00","date_gmt":"2020-05-08T07:02:00","guid":{"rendered":"https:\/\/benefex-dev.local\/en\/2020\/05\/08\/are-your-employees-aware-of-your-full-investment\/"},"modified":"2020-05-08T08:02:00","modified_gmt":"2020-05-08T07:02:00","slug":"are-your-employees-aware-of-your-full-investment","status":"publish","type":"post","link":"https:\/\/benifex.com\/en\/are-your-employees-aware-of-your-full-investment\/","title":{"rendered":"Are Your Employees Aware of Your Full Investment?"},"content":{"rendered":"<h2 style=\"font-size: 20px;\">Not only is AstraZeneca one of the world\u2019s largest biopharmaceutical companies, they continually work to maintain their reputation as one of the best employers for both established and emerging talents.<\/h2>\n<p><!--more--><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">After conducting an employee survey, however, the company identified that their employees were not as satisfied with their employee benefits as they could be. More specifically, due to the lack of awareness, the benefits lost their value. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">AstraZeneca is not alone; our <a href=\"https:\/\/info.benify.com\/the-compensation-gap-report\" rel=\"noopener\" target=\"_blank\">Compensation Gap survey<\/a> reveals that 8 out of 10 employees underestimate their total compensation package. Additionally, our findings show that employees who receive clear information about their benefits are 73% more satisfied with their compensation and benefits.<\/span><\/p>\n<h3><span style=\"font-family: arial, helvetica, sans-serif;\">You Must Familiarize Employees<\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Employers spend a lot of time and money assembling their compensation packages, carefully <a href=\"\/what-employee-benefits-do-your-employees-want\" rel=\"noopener\" target=\"_blank\">considering benefits<\/a> that appeal to each individual. Unfortunately, without the knowledge of their investment, an employer\u2019s efforts can go unappreciated.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Think of it like this \u2013 by increasing awareness, you increase the value of your benefits. \u201cIf we were only to offer or communicate net salary earnings, we wouldn\u2019t have a chance in the UK or US. But if we can, for example, show how our pension is one of the best then we are really competing with other employers\u201d, shares Ulf Holmgren, Regional Benefits Lead at AstraZeneca.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">In today&#8217;s war for talent, companies need to ensure that employees are aware of their investment or they risk losing them. Awareness of total compensation leads to greater feelings of appreciation. <a href=\"https:\/\/www.forbes.com\/sites\/victorlipman\/2017\/04\/15\/66-of-employees-would-quit-if-they-feel-unappreciated\/#b7711ae68979\" rel=\"noopener\" target=\"_blank\">Office Team conducted a survey<\/a>, which revealed that 66% of employees would &#8220;likely leave their job if they didn&#8217;t feel appreciated\u201d.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/2798830\/All%20Markets\/Blog%20images\/happy-guy-checking-total-rewards-phone.jpg\" alt=\"checking total rewards phone\" width=\"680\" style=\"width: 680px; margin: 5px 0px 0px; height: auto; max-width: 100%;\" height=\"454\"><\/span><\/p>\n<h3><span style=\"font-family: arial, helvetica, sans-serif;\">Your Competitive Offer Is More Important Than Ever<\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Creating greater compensation awareness is especially important when trying to attract Generation Z to your workplace. International Federation of Accounts (IFAC) shares that Gen Z\u2019s top 3 career objectives are a stable career path, work-life balance, and competitive salary and benefits.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">An <a href=\"https:\/\/www.shrm.org\/hr-today\/trends-and-forecasting\/research-and-surveys\/Documents\/2016-Employee-Job-Satisfaction-and-Engagement-Report.pdf\" rel=\"noopener\" target=\"_blank\">SHRM Employee Job Satisfaction And Engagement report<\/a> <\/span><span style=\"font-family: arial, helvetica, sans-serif;\">reveals that compensation is the second most important contributor to job satisfaction, following the respectful treatment of all employees. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">As <a href=\"https:\/\/www.inc.com\/ben-peterson\/how-to-build-productivity-through-rewards-and-recognition.html\" rel=\"noopener\" target=\"_blank\">one Inc. article<\/a> shares, rewards and recognition programs are becoming more of a corporate imperative with the younger generations \u2013 millennials and Generation Z \u2013 soon to make up the majority of today\u2019s global workforce. <\/span><\/p>\n<h4 style=\"font-size: 28px;\"><span style=\"font-family: arial, helvetica, sans-serif;\">Make it Clear<\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">The most effective way of making sure your employees are aware of your investment is through a <a href=\"\/what-is-a-total-rewards-statement-trs\" rel=\"noopener\" target=\"_blank\">Total Reward Statement<\/a> (TRS). But first, what is a total reward statement? A Total Reward Statement gives employees an illustrated monetary breakdown of their total compensation package, including salary, pensions, benefits, insurances, bonuses, meal subsidies, and any other form of compensation. <img decoding=\"async\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/2798830\/All%20Markets\/Blog%20images\/popup_image.png\" alt=\"popup_image\" width=\"227\" style=\"width: 227px; float: right; margin: 30px 0px 10px 10px;\"><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">This is where reward communication is also vital. Total Reward Statements can be issued physically or provided digitally through an employee benefits platform. When made available digitally, any changes to an employee\u2019s compensation, such as enrollment into additional benefits, are reflected and updated in real-time, giving employees an accurate and current overview of their compensation value. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">In the case of AstraZeneca, just two months after launching their employee benefits platform, employee understanding of their total compensation increased by almost a quarter.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><br \/><span style=\"color: #000000;\">Want to learn more about making your employees aware of your investment? Download our whitepaper, <em>Total Reward Statement: Showing Employees Your True Investment<\/em>.&nbsp;<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">{{cta(&#8216;603c14ed-0c8f-4a8c-ac97-2141f2b75a8f&#8217;,&#8217;justifycenter&#8217;)}}<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not only is AstraZeneca one of the world\u2019s largest biopharmaceutical companies, they continually work to maintain their reputation as one of the best employers for both established and emerging talents.<\/p>\n","protected":false},"author":17,"featured_media":20722,"comment_status":"closed","ping_status":"open","sticky":false,"template":"tpl.news-post.php","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[782],"tags":[786],"class_list":["post-20721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-total-reward","tag-total-reward"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Are Your Employees Aware of Your Full Investment? |\u00a0Benify<\/title>\n<meta name=\"description\" content=\"Did you know employees who have clear information about their benefits are 73% more satisfied with their total reward? 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