Spotlight on: Total Reward Statements

Why offer Total Reward Statements?

Employee benefits packages are one of the biggest incentives you can offer your people and help to attract candidates. However, it is a challenge to get the right package in place and to maintain momentum through your internal communications.

Total Reward Statements can reinforce the value of the total pay and benefits package that you offer to employees. We help to design and deliver clear, concise and visually appealing Total Reward Statements that can:

• Increase employee engagement: as employees are equipped with the tools to understand the rewards you provide as an employer, understanding the true value of their reward package.
• Increase take-up: as employees become more aware of the range and details of benefits available to them, this increases the opt-in rates for the various options available to them.
• Demonstrate non-financial benefits: this shows employees the total value they derive from their employer that covers both financial and non-financial elements, such as gym memberships and company cars.
• Strengthen your Employer Value Proposition: in the long-term, this understanding not only increases opt-in, but also bolsters an employers’ value proposition to the wider market. Once employees understand the full value they receive from working at the organisation, this positive experience translates into greater employee engagement and a strong employer value proposition to attract prospective candidates, driving recruitment strategies.

How to produce an effective Total Reward Statement

We have years of experience in producing statements for organisations to communicate the reward package they offer. Here we outline the key considerations when planning the launch of your Total Reward Statements.

Looking to introduce or review your Total Reward Statements?

We individually design your Total Reward Statements to reflect your corporate needs and brand values, working closely with you to design and develop the statements. The skills and resources to create Total Reward Statements are not always readily available on top of business as usual or deploying people more effectively to other areas internally. Therefore, we often help with our resource and expertise to bolster communication of the complete reward package to employees.

Map the employee journey and use Total Reward Statements as a recruitment tool

To be an effective tool in an employer’s recruitment, retention and engagement strategy, statements must be positioned to fully outline the entire reward provision and be communicated in the most effective way. The outcome will often depend on the organisation and its workforce demographic.

Ensure that staff are given the right messages about their entire reward provision at each stage. From recruitment through to job offer, pay review and promotions – each milestone should be an opportunity to educate employees on their Total Reward Statement. We can supply template tools which enable you to present a Total Reward Statement to prospective employees, outlining the reward package they would receive, boosting engagement from the outset. Supplementary sessions could be offered to educate employees on their benefits, particularly around financial wellbeing and making sure they understand the corporate discounts and tax or national insurance advantages of employer-provided benefits.

What does a Total Reward Statement look like?

Our bespoke solutions customise the best practice template to reflect the organisation’s branding, the full range of benefits and the variations according to employee job level. With greater transparency and awareness about the benefits on offer, employees have greater appreciation of the investment being made by their employer.

Get in touch

If you think your company could benefit from introducing Total Reward Statements, contact us today to talk through your options and how you could implement stronger communication around your pay and benefits.

Help your employees to see the value they derive from working for you and the investment that you make in them as an individual. Be as honest and clear about how you value your staff – this transparency will be rewarded and remembered by employees who have renewed motivation.