Employee Benefits: understanding your options and opportunities
Employee Benefits are undoubtedly one of the key tools in attracting and retaining good staff. Over the years, these benefits have become more comprehensive and, for some, somewhat complicated. Remuneration and benefit packages vary from company to company but needs to provide a clear explanation of complex topics so that employees can more easily understand their options and make informed decisions.
It was established (EMEA Benefits Communication Survey, 2016) that most companies do make a concerted effort to communicate the value of their compensation and benefits packages, but have admitted that understanding of these packages remains low. So much so, that communications are currently receiving a greater boost of focus and efficacy than before.
- Communication is necessary across several media, from internal communications via print media such as handbooks, as well as multimedia channels, digital platforms and staff events, through to one-on-one engagements where the information is treated in a highly personalised manner. This latter approach has been found to serve maximum impact and cater for employees at all levels.
- Communicating the information several times a year instead of once a year.
- Explaining legalities, cost to company, and benefits flexibility in simplified language that avoids ‘company speak’.
- Setting up a dedicated annual budget devoted to employee benefits communications.
- Considering the use of an external provider to communicate the intricacies of the company benefits packages, as well as advice on private supplementary options.
- Paying attention to the diversity of generations – older employees still preferring traditional printed methods of communication, while younger personnel prefer online access to information.
- Acknowledging that social media has become a popular communication method. It provides a continual link that allows information to be punched put out in smaller chunks, and repeated in different ways at different times while at the same time simplifying valuable points for greater understanding across the board.
- In addition to using sites like Facebook, Twitter and Linkedin to share benefits information, other channels such as videos, intranets, webinars and podcasts can be an interesting and engaging way of conveying information.
- If employees don’t know what’s on offer they can’t make good choices, nor will they appreciate the value of their benefits and the money the company is investing in their future.
- Because Employee Benefits are intrinsic to maintaining a dedicated workforce, employee communications are seen as a vital investment in the process. The way a company engages with staff on matters that are personally valuable to them and their families helps to establish a more robust employer branding, as well as more successful recruitment processes, retention and production.
The value of retirement fund communication for employees
Employees retirement fund information and benefits offered should form part of their total financial plan in consultation with their personal financial adviser.
- Knowing exactly what type of benefits are offered, such as Defined Contribution vs the old Defined Benefit arrangements, and what this means.
- A Provident Fund versus Pension Fund versus Retirement Annuities.
- Whether the package includes benefits such as Group Life, Disability, Critical Illness and Funeral costs.
- The reputation of the Administrator and Insurer.
- An understanding of the tax efficiency of their retirement savings.
- Who the fund adviser is that can assist with the above.
Empfin Solutions – the team that keeps your team happy
We’re an Old Mutual franchise with our primary focus on advising on and servicing umbrella pension and provident funds. Always striving to be a trusted partner in facilitating financial solutions for organisations and individuals, our dedicated team of fully accredited, experienced professionals have a passion for satisfying customer needs and providing a truly client-centric service.
Find out how you can benefit at: www.empfinsolutions.com