TOTAL REWARD
Top 10 UK companies offer best in terms of total reward
The days when reward was just about cash and benefits have long gone. According to a recent issue of Employee BenefitsSunday Times poll of the best companies to work for are increasingly adopting a total reward approach. magazine, the top ten companies that topped this year's
Top dollar earnings are not the big story in this four-page Employee Benefits report. Although Asda pays most staff less than £9,000 a year, it was rated the best UK company to work for, despite other companies paying their staff five times more. Runner-up Microsoft pays in just the 65th percentile.
Broader approach to reward
The emphasis in these leading organisations is on a much broader approach to reward and great weight is given to discovering employee needs. Their focus is on the more intangible rewards like the work environment and quality of life considerations, open communications and a consultative management style, the opportunity for advancement and recognition, and flexible working.
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Title: "Cream of the crop", by Sarah Ball, Employee Benefits, September 2002.
Availability: Contact the subscriptions department at Employee Benefits, tel: 020 7292 3719, email: employee-benefits@centaur.co.uk.
To find out more, visit the Employee Benefits web site . . .
What is The Sunday Times 100 Best Companies to Work For?
Based on the work of Milton Moskowitz and Robert Levering, authors of Fortune magazine's influential 100 great places to work, the annual Sunday Times survey ranks companies on a 175-point scale:
The majority of points (125) are allocated according to what employees say: 100 for employee responses to the survey and 25 for their handwritten comments.
The remaining 50 points are based on the newspaper’ s evaluation of the company’ s policies, programmes and culture.
Employers are required to distribute survey questionnaires to a randomly-selected group of at least 250 workers. The Great Place to Work Trust Index contains 58 questions and evaluates trust in management, pride in work and the company, employee satisfaction and camaraderie.
Asda, Britain's third largest supermarket chain, pipped Microsoft to the top spot this year.
www.sunday-times.co.uk/100bestcompanies
Or take a look at www.greatplacetowork.co.uk