Bucks, Cambs & Herts Pioneer Total Reward Statements for Public Sector Personnel

Written by PayPerShop.com - Filed under: Press Releases on July 1st, 2008

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Three major local authorities; Bucks, Cambs and Herts, are joining forces and working with flexible benefits provider, Vebnet, to become the first local councils to introduce pilot Total Reward Statement (TRS) schemes for three sample groups of local authority personnel across the respective counties. The results of this pilot will be used to deduce feasibility, resourcing, cost and effectiveness of rolling out TRS to all 60,000 local public sector employees across the three local authorities.

The background

Historically, public sector employee reward packages have been notoriously under-valued and somewhat stigmatised.
The opposite, in fact, is true and public sector benefits often hold a higher value than their private sector counterparts.
Examples of this include pension schemes, flexible working, work-life balance policies and holiday entitlement [can we add any more examples?].
In a bid to counteract this perception the Cabinet Office has recommended that public sector bodies, including local authorities, consider the introduction of TRS as a method for communicating and reinforcing the total value of reward packages.
Engaging employees by highlighting their total benefits and reward packages results in a happier and more loyal and productive workforce.

A collaboration between Bucks, Cambs and Herts

Bucks, Cambs and Herts are collaborating in the first pilot scheme to introduce TRS to their employees
By joining forces, the local authorities are able to spread the cost and share the risks, outcome and lessons learnt

The logistics

TRS will be introduced to three pilot groups across the counties. Each group will account for 100-300 employees and will cover a variety of sectors within the local authorities
The first pilot TRS will be rolled out in September 2008 with a post-TRS survey taking place in November 2008.
The survey will identify factors such as: ease of understanding, does the employee believe the package is more generous than they originally thought, how does it affect their loyalty to the organisation etc.

The future

The potential scale of the introduction of TRS to local authorities is particularly significant.
The statistics: there are currently 592 local authorities in the UK, which employ over one million personnel.

About Vebnet
Founded in 2000, Vebnet (www.vebnet.com) is now a leading provider of technology and managed services related to total reward and flexible benefit programmes.

Vebnet can provide individual solution components or a full end-to-end service covering reward consultancy, benefit scheme design, communications, brokering, technology, helpdesk and outsourced administration. These solutions drive employee retention, empowerment and are key components in managing the cost of employee benefit provision for employers. Solutions are delivered through an employee benefits portal. These solutions are deployed both in the UK and worldwide.

Vebnet launched its FIX&FLEX® product in 2002 and was listed on AIM in 2003.

Customers include Centrica, Britannia Building Society, JPMorgan, PwC, EY, Swiss Re and Grant Thornton.

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Written by PayPerShop.com - or reproduced on behalf of the company supplying the above information.

Filed under: Press Releases on July 1st, 2008