EMPLOYEE BENEFITS
Staff do not know real value of benefits
Employers need to communicate their benefits packages much more effectively, if employees are to understand and value them, according to new research from employee benefits specialist Youatwork.
Businesses invest huge amounts of money each year in employee benefits that are all too often ineffective when it comes to recruiting, retaining and motivating staff. Youatwork discovered that many employers are missing out because they do not effectively communicate the full value of the packages they provide - and employees generally do not appreciate the full value of their benefits.
Key survey findings
Based on a survey of over 800 employees, Youatwork found:
Gerry Callaghan, managing director of Youatwork said: Communication plays a vital role in the provision and administration of any benefits package. Letting staff know exactly how much their benefits are worth will both raise their appreciation of their full financial package, and also help to improve staff retention in a highly competitive marketplace.
| Steps to build employee understanding of benefits |
| Youatwork recommends a range of tactics to help employers make the most of their investment, identifying communication opportunities to supplement compliance requirements: |
| 1. Assess current communication methods to confirm how employees receive information on their entitlements - what opportunities are being missed? What channels are not being used as they could be? |
| 2. Personalise employee benefit information wherever possible, using password-protected intranet access or printed statements to underline individual benefit entitlements and their value. |
| 3. Ensure employees have feedback opportunities through email links or a benefits hotline. |
| 4. Ensure employees have the chance to meet members of the HR or benefits team face-to-face (for example, through refresher presentations on different benefits during lunchtimes or regular "surgery" sessions for queries). |
| 5. Host a "benefits fair" in office receptions or communal areas, with stands/materials on different benefits and with representatives from any external providers to discuss issues with individuals. |
| 6. Use communal areas such as canteens, corridors and kitchens for "adverts" explaining the benefits available and what employees could be missing out on. |
| 7. Enclose "Q& A" sheets on a particular benefit with payslips, with frequently asked questions and guidance. |
Source: Youatwork.
A final word
Benefits provision has long been regarded as a key tool in attracting and retaining the best staff. However, too many employers are missing a trick by failing to keep their staff up to date with the range and value of benefits on offer. If staff aren't aware of the full value of their benefits, then the employer's return on investment is significantly lower than it should be." - Gerry Callaghan, managing director, Youatwork.
Want to know more?
Youatwork is the online employee benefits service from Royal & SunAlliance. It offers a "cost-effective range of human resources solutions to employers of all sizes. These include an employee discounts scheme, benefit management, eHR and interactive flexible benefit systems which are available either individually or grouped together.
For more details visit www.youatwork.co.uk
2 December 2002