Total reward statements enable employers to show the true value of the benefits that their employees receive, on top of their base salary. Many employees do not fully appreciate the investment that their employers makes on their behalf. As such many will often consider a job offer with very little increase in basic pay, which could in fact offer a package of less value when compared with the benefits that they currently receive.
With many businesses struggling to offer annual pay increases to employees, a total reward statement is an effective tool for communicating the company’s investment value.
Total reward statements offer a number of advantages to the employer too. These include:
- Improving employees understanding of their total benefits package.
- Highlighting the value of their employment and pension benefits all in one place.
- Helping businesses to communicate with employees.
To ensure that total reward statements are delivered effectively and present the correct information, a number of areas must be considered:
- Is the data relating to the employee package up to date and accurate?
- Do you have a process in place to deliver the personalised total reward statements?
- Do you have a process in place to answer queries from employees regarding their total reward statement?
- Are the employees aware that they will be receiving their total reward statement?
- Have you included non-financial benefits? (you should)
To simplify the process and take advantage of data already captured by our clients. CIPHR offer a total reward statement within the SaaS solution. CIPHR Total Reward Statements automate calculation and communication of employee benefits within CIPHR Net (our self service portal). Data is available in real-time and accessible by employees 24 hours a day, 7 days a week, using an internet connection.
To discuss our reward statements further, please call your Account Manager on 01628 814060 or 01628 814242.