It also aimed to drive a unique total reward culture by treating pay and benefits, long-term incentives, learning and development, the work environment and employee wellbeing as integral elements of reward.
For example, all pay reviews included face-to-face discussion to ensure staff understand the total value of their reward and how the pay decision was reached. Total Reward Statements were used to assist in this process.
Launch & Implementation
Within each element of the total reward strategy, Towry pushed its overall business strategy. For example,under compensation, a good performer will earn a bonus 100% higher than that of an average performer.
Under benefits, flexible benefits allow total choice with no core benefits, while the firm’s comprehensive health and wellbeing programme is linked to its absence management strategy.
The company also pays for study material and exam fees for staff development.
Each aspect of the programme demonstrated either cost savings for the firm or an impact on key HR measures. So although it may be hard to draw a direct link between the new total reward strategy and thedoubling of annual earnings since 2006, there is a strong correlation.
Additionally, Towry total reward won the ‘Most effective total reward strategy’ award, with Edenred being their provider, at the Employee Benefits Awards 2010.