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THE KNOWLEDGE 27
SEEING THE
BIGGER
PICTURE –
BEYOND TRS
New technologies behind Total Reward Statements
present opportunities to streamline HR processes
and revolutionise a company’s approach to
employee benefits, says Chris Murray.
For finance directors, it can be difficult to view HR departments as
anything other than an expense – but it doesn’t have to be that way.
Total Reward Statements (TRS) are an increasingly popular way of
crystallising the employment costs of individuals – whether cash,
benefits in kind, pensions or even training – and allow employees to
be presented with a breakdown of the cost of their benefits. these functions, which can interface with or fully replace existing
systems. System security is ensured with the same standard of data
This information can improve employees’ perceptions of their encryption used by online banks.
package and of their employer. This may be a worthwhile end in
itself – after all, a happy employee is more likely to stay with a In a networked environment, many services can be incorporated,
company – but the IT solutions used to produce TRS present wider such as holiday entitlement, discount clubs, financial information
opportunities for companies. One of these is to actively manage and links to key sites.
employee absence.
Services can be designed to tie in with the company brand and
For many businesses, the cost of lost days through absenteeism link with (or even become) an intranet.
can be alarming. Yet detailed analysis can pay dividends in this
area, and means that HR teams can really contribute to the A well designed and communicated interface between you and
bottom line. your employees can revolutionise the way that information flows
through your company. Ultimately, this can become a suite of
Companies which introduce absence management systems see benefits and services to enhance your reputation amongst your
worthwhile cost savings. They can identify causes of absence, monitor employees, also amongst those who aspire to join a company that
sickness trends and develop strategies to manage the situation. understands its peoples’ needs.
This kind of system is only the beginning. To give employees a Integrated IT solutions avoid the need for duplicate input of data,
degree of choice over their benefits, the same TRS data can be resulting in improved accuracy and more cost-effective use of
used to implement flexible benefits programmes. time. Replacing existing HR software with an integrated HR and
benefits solution can deliver a modern streamlined package with
With a link to the payroll, salary-related benefits can be calculated the potential to save on licence fees.
by reference to current salary. This can facilitate salary sacrifice
arrangements, which allow both employee and employer to gain It is an investment that will pay dividends.
through substantial savings in National Insurance contributions.
Chris Murray, Employee Benefits director at Smith & Williamson
Many companies don’t operate a single electronic system for HR, 020 7131 4439
payroll, pension records, and absence records. However, it’s now christopher.murray@smith.williamson.co.uk
possible to install a modular package that can fulfil some or all of www.smith.williamson.co.uk
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