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What Is a Total Rewards Statement?

A Total Rewards Statement outlines the total value of an employee’s monetary and non-monetary compensation and benefits package in exchange for an employee’s contributions. This can include base salary, bonuses, long-term incentives, benefits, retirement plans, and other perks within an organization’s budget.

Benefits of a Total Rewards Statement

Stay Competitive and Attract Top Talent
Employees look at more than a base salary when evaluating a job. A robust total rewards package makes your organization more competitive within the industry, allowing you to find and keep the best employees.
Increase Employee Retention
An effective Total Rewards Statement provides a transparent compensation report to the employee, building trust within your organization and reducing turnover.
Communicate Effectively and Efficiently
Reduce time spent on administrative tasks with a customizable Total Rewards Statement that meets the needs of each employee.

Plan and Communicate Compensation with Ease

Take control of your total compensation. Within ERI’s Assessor Platform, you can streamline your pay strategy with our complete Compensation Management solution.

Upload your employee list or automatically sync data from your HRIS provider to get a complete view of each employee’s total compensation package. Effortlessly compare and manage salaries, generate and export Total Rewards Statements, and communicate pay information effectively to enhance transparency and boost morale among your team.

  • Plan benefits, including health & wellness, financial & retirement, time-off & leave, mandatory, and additional benefits
  • Review and apply salary increases, incentive plans, and discretionary incentives with HR guidance and control
  • Get real-time data insights to measure the impact of total rewards on employees
  • Easily update employee details using HRIS integration or upload
  • Export a Total Rewards Statement for an individual employee or all employees in a department
  • Customize your Total Rewards Statement with your company logo to stay on brand
Learn More About Compensation Management

OUR SOLUTION

Employee Total Rewards in Action

Easily generate a Total Rewards Statement within our Compensation Management solution.

STEP 1

Customize Benefits Plans

Create a Total Rewards Statement with customized benefits that reflect the unique rewards that you offer, including these options:

Health & Wellness Benefits

Define employer and employee contribution amounts for insurance options, including Medical, Dental, Vision, Life Insurance, Disability Insurance, and Employee Assistance Programs.

Time-Off & Leave Benefits

Add accrual rates for Paid Time Off, Paid Holidays, and Paid Sick Time.

Additional Benefits

Add custom benefits specific to your organization, such as stipends for remote employees for expenses like Internet service, gym memberships, etc.

Financial & Retirement Benefits

Set values for Employer Match Percentage, Maximum Salary for Employer Contributions, and Additional Employer Contribution Percentage.

Mandated Benefits

Understand the costs of mandated U.S. benefits, such as a Government Health Care Plan, Government Retirement Plan, Federal Unemployment, and Workers’ Compensation.

STEP 2

Assign Benefits

Assign Benefits to Employees

After setting up your benefits plans, you can assign benefits to employees by manual upload or integrate your HRIS system to get a complete picture of your employee’s total compensation.

STEP 3

Export PDF

Visualize Total Compensation

Export an easy-to-read PDF of the Total Rewards Statement for each employee, detailing current base, incentive, and long-term incentive compensation, plus optional benefits, such as retirement and health care plans, and mandated benefits, like workers’ compensation. Visualize the monetary value of all benefits, including employer and employee contributions to each benefit.
Download Example
Create a Total Rewards Statement with customized benefits that reflect the unique rewards that you offer, including these options:

Health & Wellness Benefits

Define employer and employee contribution amounts for insurance options, including Medical, Dental, Vision, Life Insurance, Disability Insurance, and Employee Assistance Programs.

Time-Off & Leave Benefits

Add accrual rates for Paid Time Off, Paid Holidays, and Paid Sick Time.

Additional Benefits

Add custom benefits specific to your organization, such as stipends for remote employees for expenses like Internet service, gym memberships, etc.

Financial & Retirement Benefits

Set values for Employer Match Percentage, Maximum Salary for Employer Contributions, and Additional Employer Contribution Percentage.

Mandated Benefits

Understand the costs of mandated U.S. benefits, such as a Government Health Care Plan, Government Retirement Plan, Federal Unemployment, and Workers’ Compensation.

Assign Benefits to Employees

After setting up your benefits plans, you can assign benefits to employees by manual upload or integrate your HRIS system to get a complete picture of your employee’s total compensation.

Visualize Total Compensation

Export an easy-to-read PDF of the Total Rewards Statement for each employee, detailing current base, incentive, and long-term incentive compensation, plus optional benefits, such as retirement and health care plans, and mandated benefits, like workers’ compensation. Visualize the monetary value of all benefits, including employer and employee contributions to each benefit.
Download Example

Turn Compensation into Your Competitive Advantage

Learn more about how our Assessor Platform can meet the needs of your total rewards strategy and overall compensation management.

Try a Free Demo