Effectively communicate to your current and future employees the total value of the compensation and benefits you provide with a total rewards statement and realize better employee engagement and performance.
Together with your Home Office, we’ve created an experience tailored to the needs of Northwestern Mutual Advisors - designed to save you time and money, and to give you the tools you need to run your business.
Alabama’s “Truth in Salary Act” is yet another sign that total compensation transparency is trending upward. As research continues to show that pay transparency has a growing influence on job satisfaction and retention, organizations – public and private – are searching for new, innovative ways of injecting transparency into their total compensation packages. Meanwhile, some software companies are making it easier for organizations to deliver total compensation transparency. Enter TotalRewards Software!
A recent ALEX survey found that less than 40% of respondents had an idea of what their employer’s expectations were for them. This murky expectation setting is also found to have a direct effect on the productivity and morale of new hires.
So how do companies prevent costly miscommunications with new talent and set employees up for success during onboarding? By being crystal clear about the details of the position, the company and the work atmosphere during the talent acquisition process. Having a compelling, sleek offer letter is a great place to start.
The Importance of the Candidate Offer Letter
The offer letter is crucial to creating a positive new-hire experience for one primary – and obvious – reason: It documents the most important expectations of an employee, including what the position entails, who they report to, how much they will make and what their overall benefit package looks like. Documenting these standard job details ensures there are no gray areas when it comes to setting employee expectations and gives new hires the opportunity to evaluate a position at a more itemized level before taking it.
The offer letter also benefits the employer-new-hire relationship in a number of other ways – many of which may be less obvious but extremely impactful.
Here are a few tips for creating a transparent, engaging and unique offer letter:
There’s no science to boosting productivity in the workplace. Sure, there are plenty of time management hacks, innovative gamification techniques, and even ancient Buddhist practices that may help employees be more productive, but many companies are still struggling to move the needle. That’s why some are starting to offer more unusual employee benefits.
Maybe it’s time enterprises take a turn for the weird, the strange and the uncanny in order to achieve new levels of productivity and efficiency. Actually, plenty of organizations already have!
Check out Business News Daily’s list of 15 unusual employee benefits being used by companies across the globe to drive productivity, engagement and retention in employee circles.