In this week's blog: do your employees know about all the benefits you offer? Why you might be missing out on the benefit of your benefits:

Well, this was a pleasant surprise!

smile-46A few months ago I was booking a holiday, and was about to add travel insurance to our package, when my wife stopped me.

“Don’t you get that automatically, with your bank account?”

I wasn’t aware that was the case, but it turned out she was right. That was a nice little saving.

But even better, I discovered that I was also entitled to airport lounge access.

In a matter of seconds, I liked my bank much better 😊

If your company offers any kind of benefits to your staff, there’s an important lesson here.

You see, my bank had always offered me those perks.

But as long as I wasn’t aware of them, the bank didn’t gain any advantage from doing so.

They might as well not have offered them.

You probably offer your staff lots of benefits as well – not just a generous pension, but possibly health insurance, life insurance and other financial products as well.

people2You do so because you want to give your staff financial peace-of-mind and protection.

You want to help them take care of their health, to be able to retire comfortably when the time comes, and to know that if the worst should happen, their loved ones will be taken care of.

It’s part of your duty of care to your employees.

But your benefits package is also a key way for you to recruit new staff, and retain existing ones.

You want to stand out against the competition, and being able to offer financial benefits is part of what makes you attractive.

The problem is, do your employees know about all the benefits that you offer?

For many companies, the answer is “no”.

The benefits are listed somewhere on the Intranet…

….Where no one ever finds them, unless they go looking.

And even if the answer is “yes”, do your employees understand the value that your benefits deliver to them?

Simply knowing that the benefits exist isn’t enough to help your company recruit and retain.

If your staff aren’t excited by the benefits - the way I was excited to learn that I got access to the airport VIP lounge - they’re not going to give your company any credit for offering them.

That’s why you need to develop a comms strategy to promote your benefits package to your staff.

magnifyThey need to know exactly what benefits you offer….

And then you need to gently persuade them that these are a fantastic perk of working for you.

If you’ve been following my emails for a while, you will have heard me talk about how we create exactly these kinds of campaigns, to help companies promote their pension packages internally.

Now that we have a health and risk division, we can do the exact same thing for your entire benefits package….

So that not only do your staff get the full value of what you offer….

…..But your company does, too.

If you would like help promoting your benefits package to your staff, please get in touch today. I’ll get right back to you.

And in the meanwhile, I suggest you take a look at the freebies that come with your bank account.

You have no idea what treasures you may be entitled to!

 

Health and risk banner

 

Posted by Steve Butler

Topics: Pensions, Employee Benefits

Questions

Ask The Experts

Want to get in touch?
Just fill out the form below and we will be in touch shortly.

workplace-rocket

Next Generation Savings

Changing Workplace Savings Behaviour for the Better

discover
workplace-bullseye

Consultancy

We provide consultancy services to employers and trustees on contract-based and trust-based schemes, including master trusts. Our proposition encompasses governance, investment, administration and communications.

more
workplace-governance

Governance

Establishing and governing the ideal workplace pensions and savings for your employees can be complex and time consuming. That’s where we come in.

Monitor
workplace-education

Engagement & Education

We use innovative communication channels and modern technologies to help educate, engage and inspire employees across a range of financial topics.

 

Find out more
workplace-deckchair

Retirement

With greater choice and freedom in how and when individuals are able to access their pension fund, there is now an even greater need for early education and advanced planning. Find out how we help.

Discover
workplace-graph

Investment

Our investment research division analyses and rates over 18,000 DC investment funds. The insight we have enables us to support your investment objectives, making sure they're on track to deliver.

track
workplace-health-risk

Health & Risk

Our health & risk service provides tailored combinations of cover and cost to exactly match each employer's requirements, helping you get best value for your benefits spend.

Discover