CHARITY EMPLOYERS AND STAFF RECOGNISE THE NEED FOR EFFECTIVE BENEFITS COMMUNICATION IN THE WORKPLACE
Mybenefitsatwork research highlights a shortfall in the communication of benefits.
Research (1) conducted by Mybenefitsatwork has uncovered that the vast majority of third sector employers (95 per cent) believe the responsibility lies with them to keep their staff informed about changes to pensions legislation. And this is supported by the fact that well over three quarters (82 per cent) of employees believe the duty rests with their employer.
Mybenefitsatwork (mybenefitsatwork.co.uk) is a new online service launched by the award-winning national firm of financial advisers, Foster Denovo Limited. It enables employers of all sizes to communicate their employee benefits to their staff through an interactive website.
The research also went on to uncover that just under half (49 per cent) of charity employers provide communication of their benefits via a staff handbook. The same proportion (49 per cent) correspond via a new joiner induction programme.
When it came to addressing what prevents third sector employers from communicating their benefits more effectively, well over three quarters of employers (79 per cent) said they did not do more due to lack of inclination. 31 per cent stated lack of time was the main reason.
When asked, employees in the charity sector believed resource (63 per cent), time (52 per cent) and cost (47 per cent) were the main reasons why their employers didn’t fully communicate their benefits.
Yet 91 per cent of third sector employers believe that if staff had a full understanding of the employee benefits provided to them, this would make them more loyal and have a positive impact on retention. This figure stood at 89 per cent for those employees surveyed.
Ian Bird, business development director at Foster Denovo and founder of Mybenefitsatwork, said: “The research has uncovered some interesting findings. What is clear is that employers need to become better at communicating the benefits that they offer to their staff. In doing so, their employees are likely to be more engaged and committed to their employer.
“The fact that so many rely on the staff handbook to communicate their benefits is concerning. In my experience, handbooks can quickly go out of date and are an unappealing way of engaging with the employee. I truly believe that technology has an essential role to play.
“It is important to recognise that Mybenefitsatwork was originally created with the third sector in mind. Through our longstanding relationships with hundreds of organisations across this sector, we identified that employers were struggling to get the message out about the benefits they offered. They wanted a cost-effective way to communicate their benefits, that was not labour-intensive and would enable employees to access their benefits at a time and place to suit them; Mybenefitsatwork was born.” Sir Stephen Bubb, CEO of ACEVO, added: “When organisations take the time, money and effort to provide valuable benefits to their staff – even if it is just a pension – it’s essential that they also take the time to communicate them properly.
“With so many changes taking place in the pensions arena – namely automatic enrolment and the introduction of pension freedom – I feel that we have a duty to ensure that third sector staff are well educated and understand the options, so that they can make informed decisions.” (1) July 2015. Mybenefitsatwork commissioned Atomik Research to conduct two surveys. The first survey went to 100 business employers and 100 charities.
The second to 100 employees in businesses and 100 employees in charities.
Notes to editors:
About Mybenefitsatwork Mybenefitsatwork is designed to be an interactive communication tool. It enables employers of all sizes to communicate the benefits they offer – even if this is just a pension – in a friendly, accessible way, using every day language.
Employers can use Mybenefitsatwork as the cornerstone of their induction programme for new employees and to support their recruitment and retention strategies.
Clients already using Mybenefitsatwork have reported increased employee engagement levels and positive user experience.
The Mybenefitsatwork website is accessible by all employees, including those with mild visual impairments, low literacy and English as a second language.
It features BrowseAloud functionality.
Mybenefitsatwork is a highly cost-effective tool to increase employee engagement. From just a £100 per month (plus VAT), employers can communicate their benefits package online to their entire workforce.
About Foster Denovo:
Foster Denovo Limited is a national firm of financial advisers with eight offices across the UK. Its 75+ Partners provide financial advice to individuals and families, businesses and charities.
Advice for private clients covers the full range of advisory areas, including financial planning, retirement solutions, estate planning, mortgages and protection.
The company operates a dedicated charity division, Foster Denovo Charity Solutions, which provides financial and employee benefits advice to charitable organisations and their staff.
Secondsight, the company’s dedicated multi award-winning employee benefits division, provides financial education programmes, pension and employee benefits advice to businesses and their employees.
Foster Denovo also offers Enrolsme, a complete online solution for automatic enrolment for small and micro businesses.
Foster Denovo was originally established in 2005 and completed its buyout from the Tenet Group Limited in 2007.
Foster Denovo Limited is part of the Foster Denovo Group, and is authorised and regulated by the Financial Conduct Authority.