Often individuals focus on the bottom line… how much they receive in their pay packet each time they get paid; however this is not always a true reflection of the benefits that they receive.
It is not uncommon for employees to have in addition to their pay other benefits including: sick pay, holiday pay, pension contribution, life cover, income protection, private medical insurance, company car allowance… the list could go on.
Total Reward Statements can take different forms but ultimately they are designed to bring together all of an employee’s benefits in one place and provides them with a clear overview of what they have, what they mean and what they are worth. This is not only helpful to the individual but as a valuable tool to demonstrate, from an employer’s point of view, the benefits they provide to their valuable staff.