Survey after survey has shown that employees rarely appreciate the value of the benefits their employers provide, even though they probably comprise at least 25% of the average organisation’s pay bill. This means that the return on at least some of employers’ investment in benefits is zero.
A possible remedy for this situation is the total reward statement, which makes both the availability and the value of benefits to employees explicit. It is a single document which can set out every benefit that an employee does, could or may receive in the future, together with details of their basic and variable pay. The benefits that can be set out in the statement include everything to which a cost can be allocated, such as pension contributions, private medical insurance, or gym membership, together with intangible benefits such as flexible working or healthy eating policies. All these benefits demonstrate the value the organisation puts on the employee, and should be enumerated to communicate that value to individuals.
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Overview of e-reward research
This new two-part study, researched and written by e-reward, provides both an accessible guide to total reward statements and discusses recent developments in their use.
Here, in part 1, we draw on the views of 12 leading providers of total reward statements to:
set out the advantages and disadvantages of the statements
outline the key conditions for success in design and operation
chronicle the key steps to take when planning the statements and the best ways of implementing them
describe recent developments in both the content and the way organisations are using total reward statements.
This study also includes a directory of organisations offering services in this field.
In part 2, due to be published later this year, we will examine the approaches adopted by a number of case-study organisations to the introduction and management of total reward statements.
SECTION 1: INTRODUCTION
Overview of e-reward research
SECTION 2: ADVANTAGES AND DISADVANTAGES
SECTION 3: CONDITIONS FOR SUCCESS
Prerequisites for success
SECTION 4: INTRODUCING TOTAL REWARD STATEMENTS
Step 1: Project planning
Step 2: Analyse situation and requirements
Step 3: Diagnosis
Step 4: Develop and evaluate proposals
Step 5: Action plan
Step 6: Implementation
Step 7: Monitoring and evaluation
SECTION 5: RECENT DEVELOPMENTS IN CONTENT AND USE
Developments in content
Developments in the way organisations operate total reward statements
Impact of the current economic climate on the use of total reward statements
SECTION 6: LISTING OF SUPPLIERS
NorthgateArinso Reward Solutions
Prolog Print Media
Thomsons Online Benefits
LIST OF BOXES
2.1: What are the main attractions of total reward statements?
2.2: What are the main constraints or stumbling blocks to producing total reward statements?
3.1: What are the key conditions for success in total reward statement design and operation?
4.1: Typical stages in total reward statement projects for suppliers
4.2: Implementation timetable for total reward statements
4.3: What advice would you give on the calculation of benefits?
4.4: What are the conditions for success when developing an effective valuation methodology?
4.5: Do organisations find it challenging to maintain the accuracy of their data?
5.1: What developments have you seen in recent years in the content of total reward statements?
5.2: What developments have you seen in recent years in the way organisations operate total reward statements?
5.3: Has the current economic climate made a difference to the way organisations are using total reward statements?
5.4: Do organisations consider equal pay when designing or implementing total reward statements?
6.1: Summary of suppliers
1: Suppliers’ advice to organisations thinking about implementing total reward statements for the first time or fine-tuning existing statements
2: Choosing a supplier
3: What issues need to be taken into account when choosing a supplier?