Money Talks - Communicating Employee Benefits

MONEY TALKS unum #askHR Because everyone needs a back-up plan Communicating employee benefits Linked lin Failing to tell staff about the benefits on offer is costing UK companies £2.7bn every year, through increased staff turnover and sickness absence. And companies who've invested in good employee benefits, but haven't told staff what they are entitled to, are no better off than if they hadn't provided the benefits in the first place. EMPLOYEE BENEFITS SILENT ΤΥPES MONEY PIT KEY: x SILENT TYPES Companies that are failing to communicate employee benefits COMMUNICATION CHAMPIONS companies that have good communications practices KEY FINDINGS £2.7BN Failing to tell staff about the employee benefits on offer is costing UK companies £2.7BN each year, through increased staff turnover and sickness absence 64% of employers have invested in a large range of employee benefits, but are failing to communicate these to staff 1000 EMPLOYEES (.. 64% A typical company with 1000 employees is losing £470,000 a year in increased staff turnover £470K and sickness absence IMPACT ON LABOUR TURNOVER ANNUAL TURNOVER RATE: SILENT TYPES 8:7% O COMMUNICATION CHAMPIONS 7.7% Additional turnover Costs due to a failure £250,000 p/a £1.4BN p/a 1000 EMPLOYEES more than Communications more than UK to communicate Communications employee benefits Champions Champions £250K • £1.4BN company with 1000 employees extrapolated across UK IMPACT ON WORKPLACE ABSENCE * SILENT TYPES 5.0% ) COMMUNICATION CHAMPIONS 4.2% 0% OF TOTAL DAYS LOST TO ABSENCE: Additional workplace absence costs due to a failure to communicate £222,600 p/a £1BN p/a 1000 EMPLOYEES more than Communications UK more than Communications Champions Champions employee benefits * £223K £1BN company with 1000 employees extrapolated across UK COMPANY PROFILES UNION ARTS RECOGNISED Type of workplace most likely to fall into this category LARGER ENERGY ORG. REAL ESTATE SCIENTIFIC PUBLIC SECTOR US OWNED SMALLER ORG. UK & EU OWNED PRIVATE NON UNION SECTOR COMMUNICATION SILENT TYPES CHAMPIONS ADDITIONAL STATISTICS % of employees unaware of the availability of a particular benefit, in workplaces where that benefit 65% 52% | 81% Working from home during normal working hours Flexi-time Job-sharing is on offer 66% 72% 75% Opportunity to reduce working hours Working the same number of hours per week across fewer days Term-only working Data extracted from 'MONEY TALKS: COMMUNICATING EMPLOYEE BENEFITS', a report by Cass Business School, commissioned by Unum Unum Ltd is authorised by Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority