Total Reward
- Improving Value
“My employees don’t understand the value of their reward package!”
We hear this from new clients again and again.
The economic downturn has meant reduced or no pay rises for many businesses so many employers are increasingly using total reward (or total remuneration) models, to ensure they drive better value and employee engagement from their existing reward spend.
Our dynamically produced online total reward statements ensure employees have access to an up-to-date statement all the time. So as the value of the different elements of their package changes throughout the year, (for example in line with salary increases or grade changes), the data is automatically updated and new joiners can see their information straight away.
Our experts guide you through the entire process of implementing a total reward model, from deciding which elements of your reward package to include and how to price them, to undertaking the calculations and communicating the results to your employees. If required, we can complement online total reward statements with an annual paper based version if this will further help engage certain employee groups.
Our research, shows that the benefits of implementing total reward statements for employers include:
- Improved awareness, understanding and engagement with the reward package and its value by employees;
- A reduced number of employee reward and benefit queries to the HR team, through offering employees easy access to all their reward information;
- Improved employee retention or turnover rates.
