With most employers in the UK spending between 10% and 30% of the pay bill on benefits*, making sure employees recognise and value this spend is key. For it to be fully appreciated, employees need regular, clear information on the tangible and non-tangible benefits they receive and their value. The cost of delivering this information through total reward statements can represent a fraction of the total spend on benefits but can deliver a significant improvement in employees understanding and appreciation of their benefits, and ultimately in employee engagement.
Total Reward Statements can be delivered to employees either online or on paper, dependent on your objectives and logistics.
Online statements allow you to provide a real time, up to date picture of employees’ total reward package 24/7. Interactive modelling tools can be integrated to help employees understand the impact of altering their reward package – for example modelling a change in pension contributions. Click here for sample modeller.
Paper statements, usually issued once a year, can be fully branded to reflect your organisational brand, and produced in a range of different formats – allowing you to present complex information on reward in a targeted, easy to follow way. The flexibility and branding opportunities from paper statements allow you to create real impact when given to employees.
Our approach to producing total reward statements is led by our clients HR and business objectives, with clear success criteria established up front, to provide clarity on the return to the business from the project.
To find out more about how you can maximise the return on your benefit spend please contact Paul Waters on 020 7082 6281.
Our services include:
- Reviewing your existing benefits and employee engagement in these plans
- Setting objectives for the statements
- Statement branding and design
- Collecting and analysing your employee data
- Agreeing the valuation methodology for each benefit
- Drafting the statement content
- Organising statement production / software implementation
*Source: CIPD Reward Management Survey 2008