How to maximise the potential of Total Reward Statements

Reward communication and the improvement of the employee reward experience have always been two main focus points of the Centre for Excellence in Strategic Rewards. Interestingly, the attention paid to reward communication is on the winning hand.

In this respect, previous research by the Centre has proven that 49% of the research sample consisting of reward professionals considered reward communication to be an important topic, while no less than 96% would consider this to be an important topic for the future.

Moreover, other research by the Centre has shown that the employee’s satisfaction with the communication on rewards has a positive impact on her/his perception of organisational support.

But what is the TRS (also called Employee Benefits Statement) all about? In short, it offers an individualised and comprehensive overview of the rewards offered by the employer. It often tries to capture the total value of the reward package, combining financial and non-financial elements that compose the full package, also including the less tangible aspects of the specific company.

The white paper ‘Total Reward Statements: how to maximise the potential?’ is based on a quantitative and qualitative large-scale survey by the Centre for Excellence in Strategic Rewards, together with Chair Partner Hudson. It offers an overview of the different aspects of the Total Reward Statement. Based on examples from practice, the research shows that there are 7 characteristics of a great Total Reward Statement.