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Understanding Total Reward Statements - TRS         Please Click to Enquire

 

Total Reward Statements provide employees with an online Benefits Statement

  • Total Reward Statements provide employees with a single, personalised online statement

    • The statement shows their total reward package

      • This includes salary and non-salary rewards

      • Non-salary benefits include pensions, private medical cover, holidays, cars, share options and training

    • Each element of the reward package is assigned a cash value to accurately portray the total income package

Why introduce TRS?

  • Employee Benefits and Holidays cost up to 40% (sometimes much more) of basic salary

    • This is a huge cost to your company, but one that your employees probably take for granted and don't even notice

    • On average employees underestimate by 70% the true cost of their non-salary benefits package

  • Providing Total Reward Statement mean that your employees can understand and hence appreciate their benefits package

  • So your company gets value for money for the benefits it provides

  Total Reward Statements and Staff Recruitment & Retention

  • Recruiting staff is a vastly expensive headache to most companies

    • With FlexPro and FlexEnterprise, potential joiners can see how much you are really offering them

    • So your company image and the value of the salary package are enhanced

  • How often have staff left to go elsewhere for a greater headline salary?

    • With TRS they can see how much your total package is really worth

    • The Reward Statement shows the value of salary, bonus, benefits, training and, of course, holidays

How do employees access their Total Reward Statement?

  • TEBC's Staffcare FlexPro and FlexEnterprise packages enables employees to access their reward statement online via a secure link

  • The access is from a secure web-based system, so employees can access the information from their home or office computers

  • This link can be customised to enhance your company's brand and communication strategy

  • Printed Total Reward Statements can of course be produced if these are appropriate

Flexible Benefits & TRS

  • TRS is one element of FlexBenefits

    • So if you decide to upgrade to offering a full flexible benefits package we just 'plug in' other modules

  • This gives you a seamless and simple upgrade path without the cost and hassle of implementation and training on other systems

  • Implementing TRS first is a great way to assess the demand from your staff for a fully flexible benefits package

  • It is simple to install, we do the hard work for you, and implementing it is a great way to 'clean' your employee data base

Save money by implementing Total Reward Statements

  • TRS will help you streamline and optimise your benefits communication

  • It reduces the admin burden on HR and Finance

  • It aids recruitment and retention

Please Click Here to Enquire

TEBC The Employee Benefits Consultants

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Copyright © 2005 TEBC Ltd
Last modified: 04-Dec-2007