Using Total Rewards Statements to Support Small Businesses

In today’s competitive job market, small businesses face unique challenges in attracting and retaining top talent. Employees expect transparency, recognition, and meaningful benefits, and meeting these expectations can feel overwhelming for smaller organizations with limited resources. However, Total Rewards Statements offer a powerful solution for small businesses by enabling them to showcase the full value of employee compensation and benefits.

At backstitch, we’ve had the privilege of working with Fortune 500 companies, helping them design and deliver Total Rewards Statements that enhance employee engagement, trust, and retention. Over time, we noticed a gap in the market: while large enterprises often have the resources for comprehensive Total Rewards strategies, smaller businesses struggle to implement similar solutions due to limited HR capacity and the complexity of existing tools.

This realization led us to develop TRS Express as a cost-effective, simplified solution designed to meet the needs of small and mid-sized employers. TRS Express allows businesses that don’t require enterprise platforms to create dynamic, professional Total Rewards Statements, empowering them to communicate compensation and benefits clearly and transparently without overburdening their teams.

With the help of TRS Express, small businesses can maintain pay transparency and communicate rewards clearly without overburdening HR teams. In fact, Total Rewards Statements is a powerful tool to help small businesses meet employee expectations and foster trust and engagement.

Why Transparency Matters for Small Businesses

In a world where pay transparency and equity are becoming increasingly important, employees are demanding more clarity around their compensation. According to Mercer’s 2023-2024 study, employees who believe they are paid fairly are 85% more engaged and 62% more committed to their organization. For small businesses, transparent communication can boost employee trust, foster engagement, and reduce turnover.

However, many small businesses lack the bandwidth to implement complex HR processes. This is where TRS Express can help. Dynamic, customizable Total Rewards Statements provide small businesses with a practical tool to communicate pay and benefits clearly while keeping their processes simple and efficient.

Highlighting Non-Financial Rewards and Training Opportunities

While compensation is essential, non-financial rewards such as recognition, career development, and flexible work arrangements are equally important in engaging employees. A SHRM study found that:

● 43% of Millennials and 78% of Gen Z workers plan to leave their jobs within the next two years.
● 79% of employees said more recognition would increase their loyalty to their employer.
● 76% believe they are seldom, if ever, eligible for rewards, underscoring the need for clear communication of available benefits.

Using TRS Express, small businesses can highlight non-financial rewards, including recognition programs and career development opportunities, ensuring that employees understand the value of their contributions. Training programs are also critical for small businesses to retain and grow talent. A SurveyMonkey poll found that 59% of employees say training improves job performance, and 33% credit training as a reason for receiving a pay raise.

TRS Express helps businesses communicate the availability of learning opportunities and training programs effectively, encouraging employees to engage in continuous development.

Supporting Remote and Hybrid Work Flexibility

With the rise of remote and hybrid work, small businesses must also accommodate employees’ expectations for flexibility. Gallup’s research shows that six in 10 remote-capable employees prefer a hybrid work arrangement, and 64% of fully remote employees are likely to search for new jobs if denied flexibility.

Hybrid work has several benefits, with 76% of hybrid workers citing improved work-life balance and 64% reporting greater efficiency. However, it also presents challenges, such as reduced collaboration and resource access. TRS Express enables small businesses to communicate the benefits and resources available to remote and hybrid employees, helping them feel supported and connected regardless of where they work.

Promoting Inclusion and Equity Through Transparent Communication

Diversity, equity, and inclusion (DE&I) initiatives are not just for large corporations. In fact, EY’s 2023 survey found that 74% of employees consider a company’s focus on DE&I when choosing where to work, with Gen Z (73%) and Millennials (68%) showing the highest interest in these efforts. Additionally, 40% of global workers say that equitable pay is the most important factor in creating a sense of fairness at work.

With TRS Express, small businesses can showcase their commitment to DE&I by providing transparent Total Rewards Statements that highlight pay equity efforts, performance evaluations, and other equitable practices. This transparency builds trust and fosters a sense of belonging within the workforce.

Building a Competitive Advantage with Total Rewards

Comprehensive Total Rewards strategies give small businesses a competitive edge. Mercer’s study found that 68% of employees plan to stay with their current employer, and Glassdoor found that 80% of employees prefer benefits over pay raises. By communicating the full value of benefits and rewards clearly, small businesses can enhance employee engagement and retention.

TRS Express allows small businesses to provide clear and professional Total Rewards Statements that emphasize both financial and non-financial rewards, helping them attract and retain top talent.

Why TRS Express is Ideal for Small Businesses

Managing employee rewards and maintaining pay transparency can feel overwhelming for small businesses with limited HR resources. TRS Express simplifies the process by offering:

● Customizable templates to align with the company’s brand.
● Seamless integration with payroll systems or the option to upload a smart spreadsheet for easy data management.
● Dynamic PDF previews to ensure accuracy before distribution.
● Bulk export capabilities, allowing businesses to distribute personalized statements efficiently.

With these features, TRS Express empowers small businesses to deliver clear, transparent, and meaningful Total Rewards Statements without overburdening their teams.

Conclusion: Empowering Small Businesses with TRS Express

In 2024, Total Rewards Statements are essential tools for small businesses seeking to foster transparency, recognition, and flexibility. It doesn’t just clearly communicate compensation, benefits, and growth opportunities. Total compensation also provides unmeasurable benefits like building trust, boosting engagement, and retaining talent in a competitive job market.

With TRS Express, small businesses gain access to easy-to-use tools that streamline the creation and distribution of Total Rewards Statements, ensuring employees understand the full value of their rewards. This clear communication strengthens employee loyalty, supports pay transparency, and promotes a sense of belonging, all without overburdening HR teams.