We have created a solution to support companies in analysing and presenting the elements of the compensation package to employees. The Total Reward Statement (TRS) is a digital product that allows employees to receive a clear and immediate understanding of the real value of their remuneration package, including not only fixed and variable monetary items, but also corporate welfare benefits and/or services offered by the company.
The TRS is intended to:
- foster an unambiguous remuneration culture;
- make employees more aware of their Total Compensation, thus ensuring employee retention;
- provide the company with a useful tool to analyse the elements of the remuneration package offered to employees from a perspective of internal equity, thus enhancing investments in intangibles.
Total Reward Statement: from analysis to the Cloud platform
Total Reward Statement Analysis
Our consulting services include:
- qualitative and quantitative analysis of benefits granted to employees;
- enhancement of the monetary portion (fixed and variable remuneration, severance pay, indemnity, etc.) and benefits, compared to actual business costs or the closest market value.
Perception of value, thanks to the TRS platform on the Cloud
Through our platform, the company and individual employees can view at any time the composition and value, both in economic and percentage terms, of the elements that make up the entire remuneration package offered.
- Monetary elements, such as fixed remuneration, variable portion (performance bonuses, MBO, one-off) and/or severance pay;
- Non-monetary elements, such as corporate welfare plans, services and benefits, to be valued more in detail during the consultancy phase.
A single dashboard for all analyses
The useful HR Dashboard allows the company to have some analytics to perform statistical comparisons between gender, professional qualification, corporate area, headquarters, company and country. The elements that can be analysed are:
- Monetary remuneration vs. Welfare plan value;
- Analysis of the composition of monetary remuneration (e.g., fixed, variable, one-off, indemnity, etc.);
- Detailed analysis of the benefits (e.g., health insurance funds, reimbursements, flexible benefits, fringe, company cars, etc.).
How much does it cost?
As regards the consultancy activity, the service is provided on the basis of a fee agreed in advance with the client, while an annual fee is required for the use of the digital platform.
The Total Reward Statement is also marketed in partnership with Easy Welfare Edenred, a leader in Italy in corporate welfare.
Contact Dr. Diego Paciello, Head of the Tax, Welfare, Compensation and Benefits area.
Digital Professional Award 2021 | Total Reward Statement – TRS
The Total Reward Statement brought to the Firm its fourth 2021 Digital Professional Award by the Digital Innovation Observatories of the Polytechnic University of Milan. The TRS product has been recognised as a co-generator of value for the companies that use it. It helps companies to attract and retain talent by enhancing remuneration packages, including fixed and variable monetary elements, as well as benefits and services.