5 min read
You’ve spent time researching rewards programs and tactics, convinced leadership the investment was worth it for your workforce and fine-tuning it for launch. Now that’s it’s in play, it’s time to shout your successes from the rooftops. Here’s where your total rewards statement comes in. My favourite success story is from when I worked at a global retailer and visited one of our stores in Paris after rolling out total reward statement for the first time. The store manager was so pleased with the statement that he took my hand and kissed all along my arm. My colleague was so jealous that she said ‘What about me, I helped too!”
Now, you might not get that reaction every time, but it does point to the value of getting it right. Let’s get started.
It’s probably best to start out by explaining what a total reward statement (TRS) is in case you haven’t come across this term before.
A TRS is an online or printed document that is tailored to your company’s reward offerings, and personalised to provide the individual details of each employee’s reward programmes.
Think of a pie chart with the various slices, now picture each of the individual reward programmes representing the slices of the pie chart, coming together to add up to be a comprehensive reward package.
A TRS is a great way to showcase your entire reward program, driving employee engagement at the same time. Additionally, it:
I’ve been creating TRS for the past 30 years, but for those who are looking to refine their practice, or if this is your first one, here are my tried-and-true tips:
A TRS can be a powerful tool to open up conversation about new rewards, or showcase the successes of existing reward programs. But it’s important - as we always say - to ask about the ‘why’ for your TRS. If it’s not accomplishing your goals, what good is it?
How have you developed TRS? What challenges have you faced?
Debra is our Group Reward Director at Reward Gateway. She's our Rewards guru, having over 20 years experience as a rewards leader, speaker, teacher and an author of a book on employee communications.