The document discusses the importance of benchmarking total remuneration (TR), which includes both cash compensation and benefits. It provides three approaches to benchmarking benefits: 1) using prevalence data, 2) using an actuarial valuation of benefits, and 3) using a standard cost of employment approach. The document advocates considering the total remuneration package rather than individual elements, and provides examples of companies that benchmarked total remuneration and were able to make better reward decisions as a result. International differences in benefits as a percentage of compensation are also highlighted.