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As benefit schemes become more complex to meet the needs of a diverse workforce, there is greater pressure for effective communication to help employees value and engage with their benefits. To keep up with this pace of change, there’s never been a better time to review your total reward strategy.
Historically reward and benefits information has been communicated through total reward statements. This places an emphasis 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 these benefits on their lives. When employee’s review their insurance benefits for example, do they value the monthly premium paid by their employer, or the peace of mind that they are protected should the worst happen?
Companies therefore need to turn to communication programmes and tools as part of the solution along with the benefit offerings themselves. Communication can also do more than convey the worth of your employees’ total reward. 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. This suggests that continuously communicating benefits to employees has a real impact on employee engagement.
What’s needed is a total reward solution which enables employers to communicate their reward proposition in an interesting, engaging and personalised way.
So why do you need a total reward solution?
1. Deepen brand awareness –Through the use of content articles, imagery, videos and other media, a total reward solution brings the company’s benefits brand to life.
2. Communicate value – It allows you to complement the financial elements of total reward with educational content, emphasising the intrinsic value of benefits to employees and their families.
3. Extend the scope – It broadens the ability of the total reward statement to show a wider range of non-financial benefits or perks that form an important part of the benefits and reward strategy and company culture.
4. Develop continuous engagement – It can support campaigns and other initiatives with targeted and engaging messaging.
It’s time to put employees at the heart of what you do and ensure you have the tools to hand that will enable you to achieve this. When it comes to engagement, communication is king and a total reward solution is no longer a nice to have. It can provide a powerful communication channel that educates and informs employees whilst reinforcing the company’s benefits brand. By delivering an improved communications experience and a better understanding of benefits to employees, organisations can focus on being better known as a great place to work and become well positioned to attract, engage and retain top talent.
This blog was written by Stephen Taylor, Product Manager at Thomsons Online Benefits.
If you are interested in finding out how to achieve greater benefits engagement success through communication, watch our webinar ‘Engagement Through Benefits – Does Communication Matter?’
