When researching for Total Reward Statement examples, it’s important to recognise that not all Total Reward Statements (TRS) are the same. A TRS should showcase your entire reward programme, yet many TRS are underutilised and fail to quantify the advantages of your business reward strategy.
Some organisations still reply on communicating TRS offline (printed document), when more and more organisations are moving towards a digital approach, which requires less administration.
Before diving further into TRS, when looking at Total Reward Statement examples, it is important to focus on what you want to achieve when creating a TRS as opposed to what others have achieved. What one organisation offers in terms of employee reward package could be very different when compared with another organisation, which would be reflected in the TRS.
Most importantly, a TRS shouldn’t just list your benefits but must illustrate their true value. By communicating the true value of the benefits provided to your employees; only then will you be able to start to realise a positive return on investment for your benefits spend.
What do I Include In a Total Reward Statement
Over time, employees generally forget that their remuneration package is more than just a salary. Ask yourself, what do we as an organisation offer as part of an employee’s reward package? You may offer a comprehensive range of employee benefits, including flexible benefit options to enable employees to flex benefits including, Life Assurance, Cash Plan and Critical Illness. Most companies offer a core level of traditional benefits such as basic pay, bonuses, a pension scheme and annual leave.
Numbers and statistics talk louder than words, and in most cases, if a number/statistic is used to convey a value it becomes easier to absorb. As opposed to consolidating information from the employees’ contract into a shorter document, aim to include monetary values for each part of your reward package and a total of these amounts to show your employees the true value of their reward package.
Return on Investment
A TRS gives employees an understanding of their true renumeration package, which highlights the employees true value to the employer that in turn has a positive effect on employee turnover as employees feel more engaged and motivated.
A digital TRS is easily tracked, allowing you to see who has read through it, making it easier to demonstrate an ROI. Conversely, a paper-based TRS makes it almost impossible to know how many people have opened it.
Develop a Communications Plan
As you search around the internet, you’ll see that Some Total Reward Statement examples look great. However, without a detailed communication strategy how will you communicate the TRS effectively. After all, if you’re going to invest the time and money to create a TRS, you’ll need an effective way to engage your employees.
- Not all TRS will be the same.
- Quantify the value of the benefits you provide
- Ensure to personalise each TRS to individual employees.
- Look to move to a digital approach to formulate a TRS if appropriate for your business.
- Include all the employee rewards that you offer as a business.
- Create a detailed communication strategy to fully engage and educate your employees about their true financial value.