Talent Retention: Modernize the Total Compensation Statement

Talent Retention: Modernize the Total Compensation Statement

This IDC Perspective helps employers make sure that the workforce is aware of the full investment the company has made and is making in them on a regular basis. There has been tremendous turnover in the workforce over the past 18–24 months due in large part to the COVID-19 pandemic. Given the level of job abandonment, it is no surprise that the top workforce challenge according to IDC's survey of HR decision makers was reported as attracting the right talent. When every employer is losing workers at the same point, the competition becomes intense for the scarce talent available."Employers need to step up communication with the workforce in order to retain workers," says Lisa Rowan, research VP, Modern HR Strategies, IDC. "One method of communication that can be brought back and modernized is providing a comprehensive view of total compensation. Employees often report a lack of visibility into compensation and so this type of communication can prove valuable in instilling trust."

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