Good communication is key.
A new report from Cass Business School commissioned by Unum has looked at the advantages of communicating with staff about their benefits. It’s startling to see just how many organisations are failing to communicate their benefits packages to staff, failing to make the most of their investment.
This ‘communications chasm’ between what employers offer and what employees think they are entitled to is driving up sickness absence rates and staff turnover. This failure to tell staff about the benefits on offer is costing UK companies £2.7 billion every year. A typical business with 1,000 employees that offers good benefits, but fails to communicate them, spends £470,000 more a year on staff turnover and sickness absence than a business with similar benefits that has good communication practices.
There’s a mistaken belief that if employees are aware of benefits – such as private health insurance or Income Protection – they are likely to take more time off sick. Cass’ research disproves this theory, showing that communicating about a wide range of employee benefits actually builds employee engagement and a more loyal workforce that takes less time off sick.
Now is the time to take a fresh look at the employee benefits you offer – and how you tell staff about them. A good benefits package, communicated well, can help to manage – and reduce – bottom line costs, and help to build a loyal and more productive workforce.