Towry forms committee to highlight value of total reward

Towry is taking steps to ensure its staff grasp the value of their total reward, including pay, pension, bonuses and other benefits.

The independent financial advice firm has created a committee comprising non-HR staff from all levels of the business to look at how these reward elements are perceived by its workforce. Richard Higginson, head of reward at Towry, said: “It is getting employees to understand the value of the package because if we are spending millions on providing it and they don’t value it, we are wasting the money.

“In HR, we make a lot of assumptions about what people want and what makes a good reward package, but we do too little of actually getting out there and asking people.”

Higginson said an increasing number of new staff were joining the business, so large sections of the workforce could have missed communications around the pension scheme, which enables staff to make contributions via a salary sacrifice arrangement.

“One manager said to me that nobody in his team was using their pension contributions and salary sacrifice effectively because they thought it would cost them money,” he added.

Towry is considering segmenting its communication to target age groups, and also wants to raise awareness of its online total reward statements.

Read more about total reward