Benefit Packages
In light of the growing financial constraints that organisations are facing and the lack of funds to invest in basic pay awards, many employers are turning their attention to their benefit packages to determine if they can (or in fact need to) improve their offering. Enhancing the non-financial incentives may help to attract and retain employees and it needn’t be expensive i.e. your employees may value something highly that has little/no cost to the employer. Total Reward is not a new concept and the Treasury has been making increasing reference to it in their Civil Service Pay Guidance recommending that public sector organisations consider their overall package when submitting their pay remits.
With this in mind, many organisations are now not only asking us to benchmark salary levels but also to analyse how they compare in terms of their overall reward package – including (and placing a value on) such items as home-working, access to training and flexitime. Undertaking this type of exercise requires us to understand the customer’s reward package in detail and then to obtain a broader range of information from comparator organisations.
Our experience of carrying out this type of work has typically resulted
in many of our customers realising that their benefits package is reasonably
competitive and us then working with them to promote the detail of the
reward package to their employees.
