Employees are looking for more flexibility at their workplaces rather than concentrating only on salaries and benefits packages. Because of the disruption due to COVID, people want to retain flexible working hours, health benefits, and a good number of vacation days. Above all of that, workers are more serious about motivation and empathy than ever before. If you treat your employees like a part of your family, they will deliver you stellar performance and don't think of leaving your organization. You have to be flexible and bring changes in the work processes to synchronize with the changing business needs. Flexible rewards for employees help you to unlock true potential and provide a phenomenal total rewards experience. Let’s look into the Total Rewards Components that need to be revamped for a better experience. 1. Pay: Companies are becoming more flexible in providing compensation benefits and hikes in salaries. In today’s scenario, the achievement of team goals and honing...
Reward statements are an underutilised yet straightforward method of helping employees quantify the benefit of your business’ reward strategy.
The following is a short guide to highlight everything you need to know
about Total Reward Statements, including what
they are, why you should make use of them, and how to effectively execute them
into your existing rewards strategy.
What is a Total Reward Statement?
A total reward statement is a personalised document which is used to
outline the rewards an employee has received from their employer over a set period
of time.
Total Reward Statements are designed to highlight
everything that the employee has benefited from, both financially and
non-financially, as part of their overall reward and employment package. For
many employees, this is an extremely simple way of showing the true value of
your business reward scheme.
Why use a Total Reward Statement?
All employees seek fair salary packages for their work. Total Reward Statements are an extremely simple, and effective way to help overcome an
employee’s potentially negative perception of their personal reward package.
The concept of the Total
Reward Statement is to
highlight every benefit an employee receives and details their personal recognition package on
both a financial and non-financial level. The Total Reward Statement can
include information such as bonuses, employee benefits, holiday entitlement, and
more.
This offers both the employee and employer an easy-to-reference tool
that can be used to quantify everything on offer to the employee – much of
which is often overlooked by both employee and employer when not highlighted
clearly.
The following are some tips and tricks that will help an organisation provide a Total Reward Statement, further improving work-life quality for their employees:
- Paper vs Online Total Reward Statements
As an employer, you will need to decide whether to go with paper or electronic Total
Reward Statements. Some employers feel that many employees like to log-in and
see their statements online, making it easier to access on the go or when
working from home. Paper versions are also helpful for a larger employee base,
and can be distributed at the same time as paper payslips, for example.
If you are seeking to install a digital reward system, then it is highly recommended that you get in touch with a reputable employee reward firm that has been in the business for the longest time offering global digital reward solutions to businesses.
- Comprise Many Reward Elements as You Can
To make the most of a Total Rewards Statement,
it makes sense to include as many elements as possible that highlight the
additional benefits your employee is receiving.
Sadly, many organisations often leave some
reward elements of the statement if they are difficult to quantify financially.
However, businesses can address this issue by including a glossary/descriptive section as part of the reward statement, e.g. flagging a discounted canteen or
free car parking space.
In conclusion, these are some of the ways to use
Total Reward Statements
to engage and inform employees.
Great Article! COVID-19 disrupting businesses all over, most teams have been forced to go work from home. In this situation, Virtual team building activities for corporates can help to bring remote teams closer and boost productivity.
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