The Total Reward Statement (TRS): gross salary is no longer the only source of employee motivation
Paris, October 11, 2022 – Diot-Siaci, a leading multi-specialist insurance and reinsurance consulting and brokerage group in France and Europe, has announced the results of the 13th C&B (Compensation & Benefits) Communications Observatory. It highlights the importance that employees place on the entire total rewards package offered by their company, making transparency a key requirement.
The study was conducted by the Diot-Siaci C&B Communications teams and concerned a panel of 1,149,657 TRS completed in 2022. All business sectors and companies of all sizes use Total Reward Statements. 95% of companies who use the TRS do so each year. The TRS, which has been available in various formats for several years, is increasingly moving towards a digital version (read on for the breakdown between Internet and PDF).
Transparency: a requirement on all levels for companies
The TRS enables companies to clearly present all total rewards items for employees, as transparency is a key issue for companies today. This document can also be used in recruitment, with a “customized” version that highlights the total rewards package and the company’s values. 25% of the companies in the panel use the TRS to present their social responsibility commitments.
Information on fixed and variable compensation is presented in detail in almost all TRS. The study also showed that 53% of the companies in the panel now display their employees’ compensation history over several years.
The TRS, a genuine talent retention tool
In a particularly strained economic environment, companies can use the TRS as a key retention tool. By emphasizing total rewards over a long period, they provide greater visibility of employee benefits, pensions and employee savings plans rolled out by the company. 32% of TRS provided details on the complementary healthcare plan (coverage, reimbursement levels, etc.) and 41% of companies have used the TRS as a learning tool to present various pension plans.
More broadly, the TRS provides a comprehensive view of the company’s employment policy. Most TRS emphasize training policy (45%) and advantages that contribute to employee well-being such as cafeterias or food vouchers (72%), transportation (79%),
the Economic and Social Committee/Works Council (72%), housing initiatives (53%) and remote working. As this last point has become essential today following the pandemic, 57% of companies which offer remote working highlight this in their TRS, either in specific box or on a dedicated page.
“Traditionally viewed as a bonus, employee benefits, beyond compensation, are now at the center of discussions between HR departments and candidates and also between managers and employees during negotiations. The TRS is one response to this, providing a clear and precise picture of the company’s employment policy. It shows its culture and values, levers of attractiveness and retention that are very important today”, explains Clémence PERRIN, HR Communications Director, Diot-Siaci Group.
About Diot-Siaci
Diot-Siaci is a leading multi-specialist insurance and reinsurance brokerage and consulting group in France and Europe, with a presence in Asia, the Middle East and Africa. Diot-Siaci designs and develops innovative solutions tailored to the needs of its clients, including large and mid-cap companies, SMEs/SMIs, and professionals, in both personal insurance and property and liability insurance. Diot-Siaci has a stable, family-owned shareholding base which means it can support its clients in their transformation by meeting their needs across the entire value chain in Property & Casualty, Marine & Cargo, Professional Liability, Employee Benefits and Consulting, and International Mobility. With almost 5,000 employees and an extensive international network, the Group operates worldwide and generated revenue of almost €730 million in 2021.
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