Utility company, Anglian Water, first issued hard-copy total reward statements to its 4,000 employees in 2005 and has decided to provide them annually. The firm did this because it had introduced a number of new benefits over the last few years, but felt that these changes were not visible to employees. After some initial research it was decided that the statement should be provided once a year.
The statement illustrates the annual values of each core benefit and provides information on additional benefits that employees are entitled to, including training and development and work-life balance initiatives. The core benefits the company provides include private medical insurance and pension contributions.
Richard Norton, HR services manager at the company, says that the statements were well received. In fact, one employee who had already accepted a job offer elsewhere and had handed in his notice, changed his mind about leaving when he saw his total reward statement.
"We’re trying to ensure that people look beyond their annual base salary," says Norton. Feedback given to the HR team suggests that the statements appear to be working. One employee reportedly said: "I thought I earned £30,000, but I [now] realise that with the package it’s nearer £40,000 [per year]." Anglian Water is looking to produce online statements in the future.