Flimp, a provider of employee benefits communications solutions, has unveiled a new product designed to help mid-market employers demonstrate the full value of their compensation and benefits packages. The Total Rewards Statements offer personalized, comprehensive reports that go beyond traditional salary information to highlight an employee's entire compensation ecosystem.
The new statements are customizable and can be generated within two weeks, providing employers with a cost-effective alternative to enterprise-level solutions. Each statement includes a cover page, an executive letter, a personalized compensation report, and key plan details, all branded to match the company's unique culture.
According to Flimp CEO Wayne Wall, the statements are intended to help employers retain top talent by increasing pay transparency and employee appreciation. By showcasing not just monetary compensation but also non-monetary benefits like wellness programs, career development opportunities, and work-life balance perks, these statements offer employees a holistic view of their total rewards.
The product features several key advantages, including seamless data integration from multiple HR and payroll systems, secure delivery options, and the ability to highlight up to 14 benefits and five compensation categories. Employers can choose from 10 style templates or create a custom design that aligns with their organizational brand.
By providing employees with clear, personalized insights into their total compensation, Flimp aims to address a critical challenge in talent management: helping workers understand and appreciate the full value of their employment package. This approach could potentially reduce turnover and increase employee engagement across various industries.
