Thames Water is set to provide annual total reward statements to help staff
understand the complete value of their employment package.
Kim Brosnan, the company’s lead (HR) business partner, told delegates at the
conference last week, that the decision to introduce the total reward statement
was made after the firm overhauled its pay and grading framework.
The statement will include pay, pension, other benefits including company
car, maternity and paternity pay and the cost of individual training courses.
Brosnan believes the move will help the company attract and retain the best
staff.
She said: "We are trying to shift the culture of looking solely at pay
to the cost of the total package. We recognise the importance of communicating
our total reward package, and employees need to understand what it consists
of."
The move is part of the firm’s aim to increase the link between pay and
performance.
As part of the changes, it has reduced the number of pay grades to eight,
ranging from director through to assistant. Brosnan said the move has created
greater pay transparency and helped staff measure their own pay, performance
and career progression.
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The company is to continue to strengthen the link between pay and performance
by reviewing the management and team bonuses structure.
Brosnan said research had found that 45 per cent of employees did not
realise the real value of their benefits and half wanted their organisation to
clearly explain what benefits they were receiving.
