First Direct re-issues total reward statements

Online bank First Direct has re-issued its total reward statements to help employees gain a clearer understanding the benefits on offer to them.

It is the third time the bank has issued the paper-based statements to its 3,500 staff, and the third time that it has worked with provider Caburn Hope.

Julie Levitt, rewards and benefits analyst at First Direct, explained: "[Total reward statements] enable staff to appreciate the true value of the reward package, which is important as we are probably around market medium on base pay but total reward lets employees understand the extras."

The statements, which contain competitor†comparisons on benefits, provide information about the company’s flex scheme and benefits such as onsite nurseries, holiday allowances, and salary details.

Due to its success and popularity among staff last year, First Direct has already arranged to send paper statements out again next year, although it will consider moving them online in 2008.