Two-Page Total Comp Statements Lead to Record-Setting Retention Numbers for One TotalRewards Customer

employee-retention

Snapshot

Austin Materials is an asphalt supplier and paving company based out of Austin, Texas. Despite their reputation as a premier construction company in the state, Austin Materials is not immune to the industry’s high turnover rates and the challenges of managing a large, extremely diverse and often multi-national workforce. These trends make finding ways to increase employee retention and reduce turnover costs an ongoing priority for Austin’s HR team, which is why they’ve recently focused on overhauling their total compensation statements to be more compelling and easy to digest. The process of seeking out a partner and a solution to assist in a ground-up total compensation statement transformation has led Austin Materials to TotalRewards Software.

Challenges

  1. Developing compelling, easy-to-consume total compensation statements tailored to a large, diverse workforce
  2. Adopting an entirely new platform and process for creating, delivering and managing total compensation statements

Large, Diverse Workforce

The first challenge in re-approaching Austin Materials’ total compensation statements is their large, multi-national workforce. According to Austin’s HR manager, Matthew Green, showing employees the full value of their total compensation has always been priority number one at the company, but Austin’s distributed workforce consisting of multi-national employees presents unique obstacles to creating effective total compensation statements on a large scale.

“We needed the ability to have everything tailor-made based on our specific needs. We are in the construction industry, so we wanted to keep our information solid, clean and easy to understand,” says Green.

Ground Zero Technology Adoption

On top of mass-producing custom, universally-consumable total comp statements, Green and his HR team has had to adopt and become proficient with an entirely new total compensation statement software quickly. Because TotalRewards Builder is the first technology of its type ever used at Austin, Green and his staff require a highly configurable, user-friendly solution. They also require the ability to learn and troubleshoot elements of the system on the fly, which makes having access to a dedicated technical support resource a must for Green.

Results

TotalRewards Builder’s custom two-page total comp statements have greatly impacted Austin employees’ understanding and awareness of the full value of their total compensation package. The platform’s ability to easily customize statements and create visually compelling compensation graphs, including “Time Off” and “Other Cash Compensation” modules, is a major hit among the company’s diverse employee base.

After adopting the platform, Green has seen an immediate decline in voluntary terminations, and the Austin leadership team has noticed sizable savings in turnover costs. Future ROI projections for TotalRewards Builder convince Green the organization has made the right investment in total compensation software.

“The cost of the (TotalRewards Builder) program compared to even a 3% reduction in employees prevented from leaving would be a huge cost savings for us,” notes Green.

In addition to the hard savings of using TotalRewards Builder’s statements, Austin has experienced a number of soft benefits from working with the TotalRewards team. Green says having a dedicated, knowledgeable support resource has been extremely beneficial, helping his HR staff become adept at using the software and navigate initial hurdles like uploading Excel sheet data and identifying ways to best use the platform in service of Austin’s unique employees and business goals.

“They understand the software and help you really utilize every component,” Green says of the TotalRewards team.

Success at a Glance

  • On pace for 3% increase in employee retention
  • Expecting record-setting savings in turnover costs
  • Accelerated onboarding and adoption of TotalRewards Builder platform

The Austin Materials-TotalRewards Software engagement is an example of how small shifts to how companies manage and communicate total compensation can have a massive organizational impact. In the case of Austin, newfound total compensation awareness, decreased retention and higher savings came from creating simpler, more compelling and easy-to-consume total compensation statements.

Interested in creating your own custom two-page total compensation statement? Start a free trial of TotalRewards Builder today.