TOTAL REWARD
New online service communicates total value of pay and benefits
Benefex has launched a new online service which enables employees to view an updated total reward statement of their current pay and benefits package.
The system aims to increase the understanding and awareness of the cost of the total package on offer to employees. It works by attributing a cash value to each element of the reward package and allows employees to view each of the elements relevant to them in greater detail.
For example, employees can see how their pension is performing or see the value of their shares/share options, together with their entitlement, the value or cost, frequently asked questions and financial calculators.
As Matt Waller, managing director of Benefex, explains:
"From the employer’ s perspective, pay and benefits that are provided to employees are one of an organisation’ s biggest expenses and ensuring employees fully understand every part of their reward programme is critical to maintain high motivation and retention levels. Benefex’ s online total reward solution (TRS) enables employers to communicate TRS more efficiently, administer benefits online, maximise employee self service and provide a centralised and in-depth communication resource, and once implemented can show a return on investment in nearly every organisation."
Want to know more?
Benefex has launched a new web site "dedicated to providing organisations with key information and advice on how to launch a total reward programme". Visit www.totalrewardstatements.co.uk
For more details contact Mark Scane, sales and marketing director, Benefex, tel: +44 (0)845 129 8636, email: markscane@benefex.co.uk
To find out more about Benefex, visit www.benefex.co.uk
Posted 5 May 2004