With so much discussion on the rising cost of living and inflation, there has been a shift in focus to understanding the real drivers of talent attraction and retention beyond salary alone. Many clients ask about the ‘silver bullet’ that will drive attraction and retention to help them compete against the great resignation.
“Strong communication is the first step to ensure that people appreciate the value of their benefits”
Sarah McDonough | EX Lead GB & Ireland
Sadly, there is no silver bullet. However, our Global Benefits Attitudes Survey results showcase the latest trends and factors that drive overall talent attraction and retention. What we do know is that the benefits package on offer can greatly influence an employee’s decision to stay or leave an organisation.
50% of European employees feel their Benefits packages meet their needs
Yet only 50% of European employees feel their Benefits packages meet their needs. With a pressure on cost isn’t step one to ensure that people really understand the extent of their benefits package or indeed the value placed on that?
That’s where communication plays a very important role to drive awareness and education on the benefits that truly matter to employees.
Benefits communication is about supporting your people when they are making important decisions about their lives, families and futures. It’s a moment to build trust with your employees, inspire thoughtful decisions and drive meaningful change today and tomorrow. The ultimate impact is an engaged and productive workforce.
What can an organisation truly hope to achieve by enhancing their benefits communication?
- Retain key talent: Did you know that employees said that they are twice as likely to stay in an organisation of their employer matches benefits to their needs? Making sure that employees are aware and understand their benefits in a vital first step.
- Foster a culture of wellbeing: 63% of organizations declared wellbeing a priority for improving the Employee Experience* – recognizing the need to improve existing offerings, change aspects of wellbeing programs and focus on a culture of wellbeing.
- Optimize benefits programs: 65% of Transformative organisations* use tools and communications to help employees get the most out of their benefits. Transformative EX organisations* are also looking to employee satisfaction with benefits as a top 5 metric because they understand the importance of Total Rewards, particularly benefits, when shaping the Employee Experience.
- Create a personalized experience: 67% of Transformative organisations* use effective communication to drive behavior change. These transformative organisations are also 4 times more likely to personalize pay communications so people understand their pay philosophy and reflect the unique, diverse needs of employees.
- Reduce cost: Fundamentally, an organisation can save €260 per employee per year simply by presenting relevant, personalised information on employee benefits at employees’ fingertips when they need it most.
As we look forward
Listen. Employers should develop intentional, ongoing employee listening strategies with regular check points that help them take the pulse and understand evolving workforce sentiments and needs. Depending on the organization and culture, a listening strategy likely includes several short pulse surveys throughout the year, or at key moments in the employee lifecycle combined with live listening sessions such as virtual focus groups.
Communicate. Employers can take their ongoing messaging to the next level by building a year-round communication calendar focused on employee wellbeing. A communication editorial calendar should consider how to support different audiences, such as managers of people, with talking points, toolkits and training as well.
Engage. As employers organise their content and move toward targeted and personalised digital communication, the company intranet and a list of links will only go so far. Delivering a modern, digital, employee-focused experience requires thoughtful planning to effectively raise awareness, increase program utilisation and engagement.
A flexible content delivery platform can provide a cross-vendor, individualised digital experience — serving up relevant content based on an employee’s data and eligibility.
