Do you know the percentage of your workforce currently opted in to your rewards and benefits schemes? Chances are it’s falling below your expectations. When you consider the time and investment that goes into choosing these initiatives to support your hard-working employees, it can be disappointing when engagement and participation figures are low.
There could be several reasons for this:
- You have a young workforce trying to navigate the cost-of-living crisis. Pensions, savings and retirement are the last things on their minds.
- The benefits of these schemes are not made clear enough, so employees are not incentivised to participate.
- They’re not accessible enough to employees, or links to register get lost in inboxes and not actioned within the assigned time period.
Visibility and timeliness are key factors in ensuring engagement and uptake of your remuneration packages. Think about it: when is an employee most engaged with their financial matters? On payday, of course! And with 81% of employees having checked their last payslip, a payslip portal could be the obvious place to articulate the value of your remuneration packages.
Total rewards statements and payslips
By including your total rewards statements together with employee payslips, you can help promote financial resilience and awareness across your workforce. Financial jargon is not everyone’s forte. For some employees, the advantages of opting into their company pension fund are not always obvious, particularly when this content is served up in lengthy and complex financial documents. And in the current economic climate, a reduction in net pay for the purpose of providing for an uncertain future doesn’t seem very appealing. The way this information is delivered can make all thedifference.
By adopting a few changes into your total reward statements delivery process, you can improve engagement across your workforce by up to 40%.