How to attract and retain great employees with your rewards strategy
As an employer, you’ll know that retaining and attracting the best employees is essential for business success.
To become an employer of choice, companies are better positioned if they have an effective reward structure in place. Not only can a well-thought-out reward structure help attract the best talent, it can also boost employee productivity, creativity, motivation and overall engagement.
Many employers consider their employees’ long-term financial wellbeing one of their top priorities, and as part of their reward package, the pension scheme they offer their employees will play a critical part.
However, in addition to a firm’s pension offering, taking a a single holistic view over the entire benefits package has some distinct advantages.
A more efficient, streamlined process
You can do more for your people and do it more efficiently. Imagine having all the benefits you offer to your employees in a single view: Pension, healthcare, cycle to work, childcare vouchers, gym and sports memberships, shopping, travel discount packages and more. Choosing a pension provider that can offer an integrated approach to your complete reward strategy can make your offering much more accessible and user-friendly. An integrated approach to your benefits package is a win-win for both you, and your employees.
As an employer, it means you don’t have to manage a raft of suppliers and their different systems. You have better visibility of spend, your data, and improved MI helps to increase controls and reduce risks. It also helps you spot gaps and opportunities.
For your employees a one-stop-shop for their benefits package increases their perceived value of the rewards on offer, and it improves their experience and engagement.
10 reasons to consider an all-in-one approach
1. A single point of contact
Makes the process more efficient, dealing with one provider as opposed to several, allowing you to build more knowledge about your entire reward package.
2. A single view
You’ll be able to see everything about your reward strategy, spend and trends, in one place. Data is always up to date, so you can run MI reports to help you manage and plan.
3. Reduced risks
A reliable real time single source of data means you don’t have to try and reconcile lots of different systems – particularly on payroll and tax calculations.
4. Reduced administration
Working with one front-end instead of multiple screens will translate into less administration – this means you’ll save time and be more productive.
5. More perceived value
Your employees will value their benefits more when they can see what you provide in one view. And it makes it easier for them to engage with the benefits available to them.
6. Consistent service
Different services carried out by different contacts can lead to inconsistency. All services are delivered with the same holistic approach and shared objectives.
7. Better information
If you use different systems, there’s a risk of time-lag or different formats of data that can compromise your decision making. An integrated solution fixes the problem.
8. Better control and visibility
When everything is in one place you have better visibility of your benefits – and you are likely to have fewer fees and ad-hoc charges because you aren’t dealing with lots of suppliers.
9. Data supports robust governance
You can see your scheme’s data and trends clearly and use the tools to help you make decisions.
10. Consistent employee messages for better engagement
You want the right messages going out to the right people at the right time. A single view for employees means you can ensure your employees get consistent messages, and improved data segmentation means you can segment and tailor messages for specific employee groups.
Standard Life’s integrated solution, Lifelens can align to your reward strategy, offering you and your employees all the benefits of a user friendly holistic view.
Vebnet Limited is registered in Scotland (SC207389) at Standard Life House, 30 Lothian Road, Edinburgh EH12DH and is an appointed representative of Pearl Group Management Services Limited. Pearl Group Management Services Limited is registered in England (3588063) at 1Wythall Green Way, Wythall, Birmingham B47 6WG, and is authorised and regulated by the Financial Conduct Authority. Vebnet Limited is owned by the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen Group. You can find more information about Standard Life Aberdeen plc’s strategic partnership with Phoenix at www.standardlife.com/partnership Pearl Group Management Services Limited is also a member of the Phoenix Group www.thephoenixgroup.com
© 2018. Standard Life Aberdeen, reproduced under licence. All rights reserved.
This blog is one of a series of articles from our commercial partners.
The views expressed are those of the author and not necessarily those of ICAS.