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Benefits Communication - Key trends for 2013
 

Benefits Communication - Key trends for 2013

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Improving benefits communication represents the biggest ...

Improving benefits communication represents the biggest
opportunity for many organisations to ensure their
investment delivers results for the business, while ensuring
employees take full advantage of what they are offered in this
part of the reward mix.

We have digested recent workplace research into trends which will have an impact on benefits communication to help with your planning. Here are the six trends we think every organisation needs to consider:

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    Benefits Communication - Key trends for 2013 Benefits Communication - Key trends for 2013 Document Transcript

    • Benefits Communication Key trends for 2013 Improving benefits communication represents the biggest opportunity for many organisations to ensure their investment delivers results for the business, while ensuring employees take full advantage of what they are offered in this part of the reward mix. We have digested recent workplace research into trends which will have an impact on benefits communication to help with your planning. Here are the six trends we think every organisation needs to consider: Pensions auto enrolment This year is when pensions auto enrolment will hit the majority of UK businesses, with the 33,700 mid-sized businesses with 500 people or more effected from November. Unsurprisingly, in the 2013 Employee Benefits Magazine Research 62% of organisations said dealing with auto enrolment was a key driver of benefits strategy this year. In our own research earlier this year, only a third of organisations say they will take the opportunity to use auto enrolment as an opportunity to review the full benefit strategy. What this means for benefits communication: The necessity of writing to all employees for auto enrolment is also an opportunity to engage employees around the wider pay and benefits on offer, as well as pensions. While auto enrolment will dominate communication this year it paves the way for more proactive benefits communication which better reflect the value of benefits on offer through total reward statements and for giving employees more autonomy over benefits choice through flexible benefit schemes. “62% of organisations said dealing with auto-enrolment was a key driver of benefits strategy this year.”
    • Employers should be ready to effectively deal with raised levels of interest in benefits from employees in the next 12 months. Impact of austerity By the end of 2012 just over a fifth (21%) of organisations will have been providing financial education for employees according to the CIPD. Increasing adoption of this benefit is being driven by an increasing realisation that financial wellbeing is an important element of overall employee wellbeing. This is as a result of three new trends: The increasing sophistication of benefits packages on offer, from• flexible and voluntary benefits to salary sacrifice The recognition that employers can effectively provide support• for employees whose take-home pay is being eroded each year by the cost of living and inflation which are both rising The impact of auto enrolment on longer term financial planning• As last year’s CIPD report on financial education identified, organisations are increasingly recognising financial education has a role in communication as well as a pure benefit. What this means for benefits communication: With the effectiveness of benefits communication still a major weakness in the deployment of benefits, using financial education to help employees make better informed decisions is a major opportunity to improve the return on investment from benefits through increasing participation. Employee engagement The top priority this year for benefits strategy is to support employee engagement for around three quarters (74%) of employers, according to the recent 2013 Employee Benefits Magazine Research. This comes after the launch of ‘Engage for Success’, a movement which aims to promote employee engagement as a route to better business performance. While there is a major emphasis on the role of managers and leaders to model the behaviours needed for the organisation to succeed, employee reward and benefits has a role to play in supporting and improving employee engagement in organisations. What this means for benefits communication: To effectively support employee engagement, benefits strategy needs be closely aligned to business and HR objectives, helping to create the right environment in an organisation. of employers view employee engagement as a top priority this year 74% www.edenred.co.uk/ehub
    • Employee reward and recognition schemes also play an important role in reinforcing the right behaviours and celebrating success for individuals and teams. The rise of social media Our research among employers at the end of 2012 found 26% of organisations use social media to support benefits communication and plan to do more. With a further 40% saying that although it is not a priority, they are interested in investigating it further, the role of social media is clearly an emerging theme for employers. This is not about using the big public consumer platforms like twitter or facebook for communication around benefits and reward but using the principals that drive their success. The driver behind social media in benefits communication is about recognising the trend for workplaces where communication is less formal and is more about peer-to-peer interaction than top-down messages. What this means for benefits communication: Social benefits communication will replace ‘traditional’ brochure and policy-led communication as employees continue to switch off to this style of communication. Employers can also exploit the opportunity internal social platforms allow for peer-to-peer employee recognition programmes which devolve recognition from being a manager-led activity. The mobile internet With smartphone penetration heading up to 58% in the UK and 19% of people owning a tablet device, mobile is becoming the communication device of choice. And although the same research from Ofcom at the end of 2012 said only a sixth of web traffic is mobile (16%), it is set to grow over the coming years with data activity already replacing voice calls. While the pressure to meet increased employee expectations around the way employers provide ‘corporate’ services via mobile may be a challenge, the use of mobile in benefits communication is also a significant opportunity for employers with workforces which are dispersed, highly mobile or where there is a lack of access to desktops. Ubiquitous access should increase reach and play a role in driving up benefits participation. Impact on benefits communication: The mobile internet will become ‘the’ internet over the next three years and organisations need to start thinking about the role of mobile in benefits communication and administration now. This “Social benefits communication will replace ‘traditional’ brochure and policy- led communication as employees continue to switch off to this style of communication” www.edenred.co.uk/ehub
    • means planning for remote access to benefits over the coming years, incorporating these needs into any planned changes to online access to benefits as well as the role benefits providers can play in enabling this shift. Personalisation Over three quarters (77%) of employees would like guidance or tailoring in the benefits which are right for them when there are changes in their life. This was a finding of a recent study by Metlife which suggests that when employees have children, start studying, move house or get married they want the organisation to make it easier for them to understand what is on offer. This demand for a personalised experience is hardly surprising given its ubiquity in our consumer lives as shoppers, consumers of TV on demand and other areas. What’s more, according to a recent PwC report (NextGen: A global generational study), the growing cohort of younger workers under 30 places significant emphasis on a personalised experience of the workplace. Personalisation is therefore a call to action for organisations to up their game in terms of the way we develop and communicate benefits propositions. What this means for benefits communication: Employers need to think about getting the right insight into employee needs so they can offer and evolve their benefits mix to their expectations. Flexible benefits will retain an important role in giving employees the choice they want while employers need to build capability to deliver targeted and appropriate communication around different life events such as parenthood or illness. Click below to see our Benefits Communication Infographic: www.edenred.co.uk/benefits-communication-trends For more content like this, register for E.Hub - the HR, reward and benefits knowledge exchange: www.edenred.co.uk/ehub Follow us: https://twitter.com/Edenreduk http://uk.linkedin.com/company/edenred-uk-group- Hub www.edenred.co.uk/ehub
    • About Edenred Edenred helps organisations engage and motivate people to achieve enhanced performance. This is achieved through provision of unique and unrivalled total reward and recognition solutions, including the widest range of incentives, rewards and benefits solutions, individually designed to fit your audience, your goals and your budget. We do this through vouchers, prepaid cards, online platforms and digital & SMS products to help engage and motivate your employees, customers and business partners. Over 20 different solutions last time we checked. Employee Benefits• www.edenred.co.uk/employee-benefits Incentives and Rewards• www.edenred.co.uk/incentives-and-rewards Expense Management• www.edenred.co.uk/expense-management Communication Services• www.edenred.co.uk/communications-services Total Reward Statements are proven to make an impact A vital part of benefits communication is ensuring employees appreciate the true value of their pay and benefits package. We have years of experience in providing Total Reward Statements - via an online platform, or printed. Showing an employee their full pay and benefits package together in one place has a really high impact - as employees often under value what is already provided to them. Find out more about our Total Reward Statements here: www.edenred.co.uk/total-reward-statements John Lewis Partnership Case Study To read about Total Reward Statements in practise, see how John Lewis Partnership engaged Partners on a financial level and reinforced the idea that working at John Lewis or Waitrose is more than just a job: www.edenred.co.uk/john-lewis-case-study To find out more, visit www.edenred.co.uk, call us on 0843 453 0053 or email sales@edenred.co.uk www.edenred.co.uk/ehub
    • Research references: Pensions Regulator www.thepensionsregulator.gov.uk/ Employee Benefits Magazine Annual Research 2013: www.employeebenefits.co.uk PwC’s NextGen: A global generational study www.pwc.com CIPD Workplace Financial Education report www.cipd.co.uk Engage for Success www.engageforsuccess.org Edenred social media research www.edenred.co.uk Ofcom annual trends report www.ofcom.org.uk Metlife benefits scorecard www.metlife.com www.edenred.co.uk/ehub