Total Reward Statements become prominent at workplaces that prefer to clearly explain to employees the exact value of their pay and reward package. Why? Well, a Total Reward Statement calculates the value of a compensation package along with the employee's basic salary. This includes: ● Benefits ● Insurances ● Pensions ● Bonus ● Tax contribution Companies are implementing Digital Reward Programs UK to make reward statements beneficial for both employer and employee. When candidates apply to your company, you should make her/him understand the total reward statement with a job offer; so that they can compare your job offer with others. They’ll get the perks and benefits with the salary on joining your organisation. Why should you offer the total reward statements? 1. They provide the knowledge of their salary, rewards, and benefits 2. Employees will get to know about their pension and their contributions towards it 3. They establish good communication between the management and staff 4. Enhances the employee retention 5. They provide flexibility to employees for choosing health insurance or any pension schemes 6. Online availability of reward statements increases staff engagement with HR systems A reward system comprises a list, table, or infographic demonstrating all the components of an employee’s reward package, including the value of each item and the whole package. Total reward statements depend on precise data from a multitude of sources, such as HR, payroll, and benefit systems. Let uFlexReward in London digitise your total reward package and offer you exemplary services at cost-effective prices.
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April 2021
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