Analysis
-
AnalysisBuyer’s guide to total reward statements
Credit: Pickadook/ShutterstockWhat are total reward statements?Total reward statements are personalised communications that show employees the total value of their compensation package beyond just salary. This can help people to recognise the entire value of the employment deal beyond their pay, making total reward statements a potentially powerful tool in communicating ...
-
AnalysisHow can employers effectively deliver financial wellbeing support to a dispersed workforce?
Need to know:Financial wellbeing support must be accessible to all employees on demand regardless of their working location.Finding out what is needed can help shape support to a dispersed workforce.Support and communications that are useful to the majority of employees can avoid exclusion.In its State of financial wellbeing index 2024 ...
-
AnalysisWhat can employers offer to improve employees’ fitness journeys?
Fitness benefits include discounted or subsidised membership to gyms, health clubs and studios partnerships, providing an annual employee fitness and wellbeing budget and on-site exercise classes.Employers should provide equal access to benefits for all employees, regardless of their work locations.By listening to employees and providing options based on needs and ...
-
AnalysisCan technology help to offer a unified global benefits proposition?
Credit: metamorworks/shutterstock Cloud-based platforms can enable employees across the globe to access benefits through a unified proposition. Availability of benefits will differ between countries. Employers should ensure that their benefits technology and chosen provider are able to support varying needs in multiple countries. Benefex’s Evolution ...
-
AnalysisHow to introduce an employee recognition scheme
Initially, employers should identify what they want a recognition scheme to achieve.Employers can offer employees public verbal recognition, awards, bonuses, vouchers, stipends and spending accounts.Understanding employees’ preferences and needs, as well as the demographics of a workforce, can help with scheme engagement.Gallup’s September 2023 Empowering workplace culture through recognition study, ...
-
AnalysisHow to structure a total reward strategy
An employer's total reward strategy should be a combination of all the reward, benefits and development components that it offers to staff.Collecting employee feedback is key to structuring a total reward strategy and offering benefits that appeal to an entire workforce.There are multiple ways to communicate a strategy, such as ...
-
AnalysisHow to support employees' financial wellbeing on a budget
To support employees with their financial wellbeing, employers should review the benefits they already offer and check whether staff know how they can help.Implementing financial wellbeing services that include education and coaching is cost-effective.Financial wellbeing support can be tailored to match an employer’s budget and employees’ needs.Close Brothers Asset Management’s ...
-
AnalysisWhat role does AI play in reward and benefits?
Credit: Looker/Studio-ShutterstockNeed to know:Artificial intelligence (AI) is already starting to impact the world of benefits and reward, in areas such as benefits selection, administration and modelling potential strategies.Employees can also gain through personalised recommendations and support with questions.But concerns remain over data security and the lack of emotional intelligence in ...
-
AnalysisDo total reward statements still engage employees with their benefits packages?
Credit: Julia Sudnitskaya / Shuuterstock.comA total reward statement provides an overview of an employment package and its value.Offering choice regarding how a total reward statement is delivered to an employee is key to ensuring effective engagement.A personalised benefits package can help to engage employees with their benefits because it is ...
-
AnalysisTop tips for boosting employees’ pensions knowledge
Need to know:Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge.Losing the jargon will make the language of pensions easier to understand and more relevant to staff.They could invest in financial coaching for a more personal approach to pensions education.Workplace pensions are ...
-
AnalysisHow to ensure parental leave policies are inclusive
Employers should start by exploring what potential and current employees are looking for in an inclusive parental leave policy.The use of gender inclusive language in parental leave policies helps to avoid primary caregiver assumptions and ensures all employees feel included.Regularly reviewing policies and seeking employee feedback are also important actions ...
-
AnalysisHow employee feedback can inform a benefits strategy
Need to know:When gathering feedback, striking a balance between anonymity and usefulness of the data is key, as is being transparent with how this balance is achieved with employees.Whichever feedback method is used, questions must reflect the workforce, based on all segments of the demographic, but also on their working ...
-
AnalysisHow to select benefits technology that is right for a business
Need to know Benefits technology can play a vital role in engaging employees and ensuring take up of benefits. Employers should start by working out what they want to end up with, and then work out how to get there. They should remember to ask questions ...
-
AnalysisHow can employers support employees with dementia?
Employers are legally required to make reasonable workplace adjustments where possible for employees impacted by dementia to the point that it satisfies the disability definition.Openly discussing dementia will enable employees to feel more able to disclose diagnoses or issues without fear of repercussions.Employers should offer training for managers and staff ...
-
AnalysisHow to target financial wellbeing support to employees
Employers can offer financial wellbeing support based on which benefits are most frequently used, which will highlight prevalent financial issues among employees.As employers often have wide-ranging demographics that have varying preferences and needs, different communication methods will be required for each group.Tailored benefits that are personalised to employees’ needs offer ...
-
AnalysisWhat can benefits technology tell an employer about its workforce?
Need to know:Enriching benefits data with information from other sources can help employers create personalised benefit offerings.Low take-up rates do not always indicate a benefit is not popular: it may need an awareness or education campaign to boost engagement.Data enables organisations to take a more agile approach to benefits, adjusting ...
-
AnalysisWhat role does ChatGPT have to play in benefits communication?
Need to know:Artifical intelligence (AI) systems like ChatGPT can automate and streamline processes, freeing up HR and leadership time for more nuanced and creative tasks.Benefits communications can be personalised, and their delivery optimised for each individual employee, to have a the best possible impact.Employers must be careful with sensitive data, ...
-
AnalysisWhy musculoskeletal support should be a priority for employers
Repetitive movements, using a computer, poor posture and sitting at an inadequate desk without back and neck support can lead to poor musculoskeletal health and related sickness absences.Acute back pain, for example, becomes chronic after 21 days, which can significantly impact an employee’s physical and mental health, and their ability ...
-
AnalysisWhat is the current state of play with pensions dashboards?
Need to know:The Department for Work and Pensions announced a delay to the delivery of the pensions dashboard programme in March 2023.Employers should use this additional time to make sure they have their data up-to-date, in order and correct.Employers should also consider their communications and resources; once the dashboard project ...
-
AnalysisWhat financial wellbeing support should be offered around salary advance schemes?
It is important that salary advance schemes are explained properly so that staff fully understand how these operate and the costs involved.Many scheme providers will include financial education and guidance on how best to benefit from the scheme.Having access to data and monitoring usage each month can help identify if ...