UK - Finance group HBOS has issued total reward statements to 65,000 staff to boost awareness of pensions and other employee benefits.
The statements will show that benefit packages at the mortgage lender and bank are often worth around 25% of pay.
For members of the HBOS group money purchase scheme, 3%-9% of the figure will be made up of employer pension contributions.
HBOS reward director Jacqui Anderson said: “Pensions has always been one of the greatest undersold benefits and we would like people to understand their value more.”
The reward statements also show the monetary value of the flexible benefits that employees have chosen, their share awards and bonuses.
Anderson quoted the example of one employee on a salary of £55,000 whose total reward package was £80,000 – a figure which was bolstered by share awards.
HBOS hopes employees will now focus more on their overall package, which will discourage them from leaving for jobs with higher pay, but poorer benefit packages.
Anderson said: “We are hoping that in the short-term it is going to motivate our colleagues, improve performance and aid retention.”
The statements will initially be in a paper format but HBOS plans to put them online.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point