The Co-operative Group has launched total reward statements to 470 of its senior managers to increase engagement with its remuneration package.
The paper-based total reward statements, which will set out details of employees’ pay, bonuses, pension contributions, long-service awards and staff discounts, will be sent out this month. The group, whose businesses include food retail, funerals and travel, intends to extend the statements to more employees in due course.
Keith Gregson, group reward manager, said: “Senior managers’ pay is discussed with trade unions, even at a senior level. There was a desire to create a more individual relationship with senior managers and total reward statements highlight the package’s unique nature.”
Gregson said he did not foresee moving the statements, provided by Thomsons Online Benefits, online. “It is not something we are planning to update, so what is the point in putting it online?” he added.
Since the Co-operative Group’s £1.6 billion takeover of food retailer Somerfield in March, it has begun work on harmonising the two organisations’ benefits. The deal saw the Co-op take on 35,000 Somerfield staff.