When budgets are tight, it could well pay off to show employees the true value of their employment package.
Total Reward Statements (TRS) are a clear and simple way to effectively communicate to staff how much you value them, over and above their basic salary. These have traditionally been costly to deliver ‘online’ due to the software required but we are now able to provide these at low cost whilst still delivering the required impact and value.
What does the research say?
The Chartered Institute of Personal and Development (CIPD)/Benefex management survey1 carried out last year showed that although more than one third of the companies surveyed are looking to increase their benefits spend this year, only 17.8% provided TRS which means that many businesses are overlooking an easy way to promote the value of their benefits package to employees.
No benefit is too small to be included in a TRS but we would recommend that Pensions, Group Life Assurance, Group Private Medical Insurance and Group Income Protection make up the core elements of the statements.
TRS’s can be issued in either paper or electronic format and the preferred delivery method will be influenced by the size and location of the workforce.
Another consideration to take into account when looking at TRS is the timing of their delivery. Should they be issued at the beginning of the calendar year when most people look at personal finances or should they be issued at appraisal time and be used as a ‘good news’ tool?
The format, timings and costs relating to TRS should all be considered to ensure the correct message is being delivered to your workforce and this is something that Wingate can spend time with you to discuss.
As a result, please feel free to contact us to find out what options and opportunities are available to you and your business.
- Wingate will discuss your circumstances and objectives and identify your specific needs.
- Based on this research we will provide you with a report confirming the options available and our recommendations without cost or obligation.
- If you wish to consider changes to your benefits, we will provide advice on your options
Wingate Benefits Solutions is here to assist you with all aspects of your Employee Benefits offering. Should you wish to discuss this or any other such matter please contact your Wingate Benefit Solutions adviser on 0844 406 0027.
Tax and legislation are liable to change. This information is based on Wingate Benefits Solutions’ current understanding of UK law and HM Revenue & Customs practice and legislation. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of the information contained herewith. It is recommended that professional advice is sought prior to entering into any financial arrangement.
1. CIPD/Benefex Reward Management Survey 2012, May 2012