Aviva launches total reward statements

Aviva is targeting the workplace savings market with the launch of total reward statements.

The online statements will be offered alongside group personal pensions to give employees a better understanding of the benefits provided by their employer.

The total reward statements will carry individual employers’ branding, and include personalised details of salary, bonus, pension, medical insurance, health screening, life and critical illness insurance, car allowance and holiday.

The technology is provided by software company Staffcare.

Paul Goodwin, head of pensions marketing at Aviva, said: “Aviva’s total reward statement is ideal for employees because it enables them to better understand the value of their workplace benefits; the advantage for employers is that it improves staff engagement.

“An increasing number of employers are using total reward statements and entering the workplace savings market. We expect that this will be a growing market over the next few years, and one in which Aviva will play a leading role.”

Phil Hollingdale, Staffcare’s founder and chief executive officer, said: “We are seeing an increasing demand for our software as companies seek to improve their return on the money they spend on staff benefits by raising employee awareness and appreciation through online total reward statements.

“Many companies recognise that they could do a better job of communicating benefits to employees and old methods of communication such as printed handbooks and face-to-face meetings do not meet the demands of today’s internet-savvy employees who are used to information on demand.”

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