There is no agreed definition of ‘engagement’ but we believe it is a state where the relationship between the employer and employee is strengthened for mutual gain.
The employee needs to feel valued and involved and in return the employer hopes for a more contented workforce. Research has shown that organisations with high levels of employee engagement are more efficient and effective.
We believe strongly in the correlation between engagement and workplace wellbeing. When employees are engaged and thriving, they are more likely to be agile and resilient, with fewer health problems. This means they should have fewer days off and be less likely to suffer from anxiety or depression. These factors add up to big savings in terms of staff costs, productivity and performance.
A 2014 poll by Investors in People found that 54% of employees feel that their employer does not care about their health and wellbeing, as long as they get the job done. 48% of those who state that their employer does not care about their wellbeing also say it has led to them feeling less motivated with a third saying they have considered looking for a new job as a result.
This is why we work with our clients to build an integrated wellbeing and engagement strategy. Using our analytical tools, we examine the make-up of the workforce and then, through detailed segmentation of the data, identify possible areas of risk, best employee touchpoints and how to improve outcomes (looking holistically at wellbeing: financial, psychological and physical).
To empower members to help themselves, we launched Me2 in September 2015. Me2 is our employee-facing online platform. It can deliver key messages around saving for later life and focusing on the new retirement options. Beyond this it engages employees in understanding their wider benefits package and allowing them to personalise this through choice.
Me2 delivers a user experience based on the individual’s age group, and takes them through education pieces and interactive tools relevant to their life stage.
In particular, we are able to use Me2 in conjunction with pension change projects. This allows members to see how any pension’s change might affect them individually with respect to their specific circumstances.
Members can also see all of their retirement savings (DB, DC, and existing pensions from previous employment) in one place, what they might look like in the future and how contribution and retirement date changes could have an impact on their ultimate benefits.
This also allows individuals to understand the impact of the new retirement flexibilities so members can start to understand some of the potential benefits of moving to a DC plan arrangement, should you be considering making this change for other groups of employees.
Engagement should lead to members taking positive action in relation to their pension plans and wider benefits/reward package, and to increasing general engagement with you as the employer.
We work with our clients (employers, trustees, governance groups) to build an effective engagement strategy: one that has to be engaging, consistent and results driven. However, in order to do this we cannot treat everyone the same and it is good to understand the different cohorts of employees that exist within a business.
We run surveys and use our analytical tools to help us with this and we can then identify potential risk areas and employee ‘types’ (which in turn helps us around tone, format, delivery method etc.).
Once you have decided how to engage, our online tool, Me2, helps us deliver engagement messages in a streamlined way, but we are also able to help you to produce and design a range of other member communication material. These can be be-spoke, or designed in a light-touch way with you of a preferred provider to ensure that you get best value from the resources you currently have available to you.
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