Four reasons why you need a total reward solution

As benefit schemes become more complex to meet the needs of a diverse workforce, there is greater pressure for effective communication to help employees value and engage with their benefits. To keep up with this pace of change, there’s never been a better time to review your total reward strategy.

Historically reward and benefits information has been communicated through total reward statements. This places an emphasis on the monetary cost of benefits, which is an important part of the total reward story but can only go so far in ensuring employees understand the value of their reward package. 

For employees to fully connect and value their reward and benefits there is a need for a greater level of understanding – not just of financial cost, but of the short and long term impact of these benefits on their lives. When employee’s review their insurance benefits for example, do they value the monthly premium paid by their employer, or the peace of mind that they are protected should the worst happen?

Companies therefore need to turn to communication programmes and tools as part of the solution along with the benefit offerings themselves. Communication can also do more than convey the worth of your employees’ total reward. According to the Global Employee Benefits Watch Report 2015 companies who said that their employees are engaged were 25% more likely to be communicating more frequently – at least every two months - about their benefits. This suggests that continuously communicating benefits to employees has a real impact on employee engagement.  

What’s needed is a total reward solution which enables employers to communicate their reward proposition in an interesting, engaging and personalised way.