We've created a product to support companies in communicating the composition of pay packages to their employees.
Total Reward Statement (TRS) is a digital tool that will enable companies to provide their employees with a clear and immediate indication of the real value of their respective remuneration packages, including both the fixed and variable pay, but also benefits and/or employee welfare benefit services which the company provides.
The TRS platform aims to:
- Favour a transparent compensation culture
- Provide company employees with information on their total compensation, thereby also improving talent retention
- Provide companies with a useful tool for analysing the composition of the remuneration package paid to its employees so as to ensure fairness internally, thereby increasing the value of its intangible investments.
- Quantitative/Qualitative Analysis of the benefits provided by a company to its employees:
- Enhancement of the value of monetary payments (fixed pay, variable pay, TFR, etc.) and benefits, with regard to the effective cost for the company or, as an alternative and where possible, with regard to the most similar market value or replacement value.
Both companies and their employees can access through the digital platform the composition and the value (expressed as both a monetary value and a percentage) of the pay elements that compose their entire remuneration package:
- Monetary elements, such as fixed pay, the variable quota (performance bonus, MBO, one-off payment) and/or the severance payment (TFR);
- Payments in kind, such as employee welfare benefit plans, benefits and services. With the cooperation of the company, the firm will advise how best to enhance the value of these.
Total Reward Statement is also provided in partnership with , a leading company in Italy in employee welfare benefit programmes.
How much does it cost?
There is an annual fixed fee for the digital platform, while our firm's advisory services are provided for a fee that is pre-fixed with the company.
WHO CAN I CONTACT TO FIND OUT MORE?
For further information, please contact Diego Paciello, Head of our firm's Tax, Employee Welfare and Compensation & Benefit team. Contact us >