Reward Blueprints: 'This report on market data is something that I wished I could have had on my desk to read when I started my career in remuneration a number of years ago.'
When Glaxo Wellcome and SmithKline Beecham merged to form GlaxoSmithKline in 2000, the organisation adopted a new approach to reward. This stresses pay for performance and increases the proportion of pay "at risk" whilst creating and emphasising total reward.
The company's TotalReward package contains Total Cash (base pay, bonuses, and for managers, share options); Lifestyle benefits (which include healthcare, dental care, family support, and employee assistance); a corporate discount scheme; a car scheme; and Savings Choices (a pension plan and two share schemes).
In addition the company puts resources into creating a pleasant work environment, providing development opportunities and encouraging work-life balance. The greatest challenge from a compensation and benefits perspective, it says, has been educating and communicating this new approach to all staff.
For more details see our review, published in the 'News' section of e-reward.co.uk, 21 October 2003.