The value of total reward statements was outlined in the Employee Benefits Conference masterclass Taking reward communication to the next level.
Peter Wormersley, head of reward and recognition at Vertex Data Science, explained that total reward statements give organisations the chance to let staff know what they would miss out on if they left the firm.
“Invest in innovative and quality total reward statements, because they help you spell out exactly what staff get from working at a company,” he said.
BP, meanwhile, uses a dedicated reward website to communicate to staff. Chris Whitfield, global reward communications and HR websites manager, explained that the site, myreward@BP.com, has evolved over time. “Think small, start small and plan to grow,” he said.
He added that the reward site began with just 15 pages, and now has a total of 7,500.