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.

This information can improve employees’ perceptions of their 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 company – but the IT solutions used to produce TRS present wider opportunities for companies. One of these is to actively manage employee absence.