4/21/2021 0 Comments How to make use of total reward statements to encourage fairness in your organisation? When looking for compensation, it is common for the employees to only think about their take-home salary. Be that as it may, salary is just essential for the image regarding compensation, and employees may be altogether disparaging the genuine value of their reward package. In recent times, it is seen that employees are demanding transparency from employers. This is an extraordinary thing for both parties as it makes the consciousness of all-out pay for the employee and gives businesses a chance to show employees the actual value of their investment. So, what is the best way to make employees of your organisation known about their total compensation? Through a total reward statement. What is total reward statements? In addition to the employees’ basic salary, total reward statements calculate, assemble and visualise the full value of an employee’s compensation package. This can include insurance, pension, vacation, sick pay, etc. Total reward statements can be presented as a printed document or digitised and made accessible via an employee portal. Implementing digital reward programs in the UK and using total reward statements encourages transparency and fairness, which assists employers with:
However, when presented with total reward statements, employees can see every part of their compensation package. This transparency helps support retention.
In conclusion, these above-stated are some of the ways to make use of total reward statements to encourage fairness in your organisation.
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April 2021
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