How using total reward statements can improve your employee value proposition

In today’s fast paced and competitive job market, prospective candidates are more aware of their worth and so it is critical for employers to showcase the value of their compensation and benefits package to attract and retain.

The best way to communicate the value of an employee’s overall benefits package is by utilising Total Reward Statements (TRS). These are personalised documents that outline all the cash and non-cash elements of working for a business.

Introducing our Employee Reward Statements – a bespoke way to showcase the value you place on your team’s contributions.

Benefits for your people

• Boost employee morale and engagement;
• Enhance transparency around rewards and recognition;
• Inspire a sense of accomplishment and loyalty.

Why choose our Employee Reward Statements?

• Tailored to your company’s unique culture and values;
• Professionally designed for clarity and impact;
• Easily integrated into your existing HR processes.

Issuing a TRS is often a missed opportunity for companies raising awareness of their benefits offering, as this showcases how your people are a key component of a successful business infrastructure.

Getting the narrative right

A common pitfall when drafting TRS’s is they can be perceived as a list of how much the employee is costing the business, which could have the opposite effect.

It is important for these to be written in a positive way to show how the business wants to support their people.

Getting the narrative correct is key to building a successful employee value proposition. The TRS should be a positive commentary which not only outlines the total remuneration package an individual has, but also an opportunity to emphasise the value that person brings to the on-going success and culture.

A well-written and communicated TRS can be a great motivational tool which supports and enhances employee wellbeing.

How to be TRS ready

A TRS contains a lot of personal information, so ensuring you have the correct data is mandatory as a first check. If you get the data on the TRS wrong, it won’t matter how positive the narrative is, you would have already lost the credibility.

You should also confirm how you distribute the reward statements in line with current Data Protection Regulations (GDPR). For example, if distributed via an internal email, make sure the document is password protected and the password is then shared under a separate notification to the individual.

When to send out TRS

This is dependent on what works for your HR team. They could be issued around the same time as P60s in April, alternatively if the business pays for employee benefits, the TRS can be issued at the same time.

To find out more about how to ensure your Total Reward Statements have the impact they deserve, or how we can help you create your own statement, contact the Reward Services team.