Do your employees understand the value of their reward package?
Historically Total Reward Statements have been relied upon to communicate reward and benefits information to employees. This places focus on the monetary cost of benefits, which is an important part of the total reward story but can only go so far in ensuring employees understand the value of their reward package.
For employees to fully connect and value their reward and benefits there is a need for a greater level of understanding – not just of financial cost, but of the short and long term impact of benefits on their lives. When employees review their insurance benefits for example, do they value the monthly premium paid by their employer, or the peace of mind they have as they are protected should the worst happen?
Companies therefore need to look at communication programmes and tools as part of the solution along with the benefits themselves. The approach also needs to enable them to achieve ‘continual engagement’, where they are communicating benefits at every life stage.
According to the Global Employee Benefits Watch Report 2015 companies who said that their employees are engaged were 25% more likely to be communicating more frequently – at least every two months - about their benefits. What’s needed is a total reward solution which enables employers to communicate their reward proposition in an interesting, engaging and personalised way and supports HR professionals to achieve a continuous engagement approach to their benefits communications.
What can a total reward solution do for you?
- Bring the company’s reward brand to life using content articles, imagery, videos and other media.
- Complement the financial elements of total reward with educational content, emphasising the intrinsic value of benefits to employees and their families.
- Extend the scope of the statement to a wider range of non-financial benefits or perks that form an important part of the reward strategy and company culture.
- Support campaigns and other initiatives with targeted and engaging messaging.
These tools herald in a new generation of total reward communication where companies can easily put their employees at the heart of what they do. They can provide a powerful communication channel that pulls employees towards the information and help deliver on the company’s brand.
With an improved communications experience and a better understanding of their benefits, employers can focus on being better known as a great place to work and ensure they are well positioned to attract, engage and retain top talent.
If you are interested in finding out how to achieve greater benefits engagement success through communication, sign up here to our upcoming webinar ‘Engagement Through Benefits – Does Communication Matter?’ on the 13th July.
Stephen Taylor is product manager at Thomsons Online Benefits.
This article was provided by Thomsons Online Benefits.
