Employees regularly underestimate the value of their benefits by up to 25% and implementing Total Reward Statements helps to communicate the true total value of their package. In a tough financial climate, you need to make every penny count.
A Total Reward Statement (TRS) is a personalised statement of the tangible and non-tangible remuneration and benefits that are provided by an employer.
The statements can be produced via an online solution, e.g. our MyChoice technology or they can be produced as a hard copy, paper version which is often referred to as a manual or offline Total Reward Statements.
To download a fact sheet on Total Reward Statements, please click here
Enabling employees to understand and appreciate the full value of their benefits and reward package means that you are able to maximise the investment that you have made in reward.
Some specific benefits from implementing Total Reward Statements are shown on the left.
To download a fact sheet on Total Reward Statements, please click here
Communicating the overall benefit and reward package to staff helps them to understand and recognise the full value of their current package, not just the basic salary/cash elements.
This can help to improve the morale and engagement of existing employees who may have been unaware of the total value that you invest in them.
In addition, valuing the total reward package helps to attract potential employees and enhance your external market competitiveness in comparison to other organisations who do not take the Total Reward approach.
Providing your employees with improved information on the value of benefits and the cost to your organisation can help increase the take-up rates because employees are more aware of the value of each benefit.
Increasing the take-up rate of your benefits shows that your investment is being recognised by employees.
Offering employees the ability to look at their own reward information leads to a reduction in the number of benefit and reward queries to your HR department.
This helps reduce administration, improve efficiency and ultimately drives down business costs.
We offer a range of off-line/manual Total Reward Statement options as well as an online solution via our MyChoice technology.
We will work with you to help design the look, feel and content of the statement and can assist with any accompanying communications that might be required to ensure that the statement is understood and appreciated by your employees.
To download a fact sheet on Total Reward Statements, please click here
To request a FREE copy of our Guide to Flexible Benefits, email:
