Benefits of Total Reward Statements

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This is the time of year when many salaries and benefits packages are being reviewed.

We often find that employees simply look at their salary/pay rate and sometimes underestimate the value of their entire reward package. A positive way of highlighting their full package of entitlements is to create a total reward statement for each employee. By communicating to your employees in this way, you not only demonstrate the total value of their remuneration package with you but also the value of other elements such as private medical insurance, gym membership, etc etc thereby promoting employee engagement.

With greater awareness and understanding of the full value of their package, an employee will hopefully be more motivated and engaged and therefore more productive.

There is a competitive labour market out there and so total reward statements can also help with employee retention. You may find that an employee is looking to move on for a higher salary but it could be that the value of the reward package with you is greater and so they decide to stay.

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