Lloyds TSB to move total reward statements online

LLOYDS TSB is planning to move its total reward statements online, and simplifying and re-branding existing paper statements to help employees better understand the benefits on offer.

The bank is concerned that its existing paper statements contain too much information, making them confusing for its 65,000 staff.

To make the information clearer, it will provide employees with smaller, more concise paper statements containing basic details of employees’ benefits, and direct them to their online statement for more detailed information on perks.

Paul Farley, reward and employment policy director at Lloyds TSB, said: “The statements will still include information on people’s share schemes, for instance, but there won’t be information on when every share was allocated. Employees will have to go online to find that.”

The new total reward statements, which will be introduced in July, will be branded with the organisation’s colours and logo, as well as a a relevant theme.