total reward statements: why introduce them?

The are a number of reasons why there is a growing number of employers who are introducing total reward (or total remuneration) statements:

• To maximise the value of the investment they are making in providing employee benefits; 
• To give employees complete clarity on the benefits that they receive and their tangible value; 
• To encourage employees to think in terms of their total remuneration rather than just their base salary “plus benefits”. So when an employee compares their remuneration package with a competitor organisation they are not just comparing base salaries;
• To prepare employees for the implementation of flexible benefits. In this way employees become familiar with the concept of pricing their benefits.