UK - Firms can increase the return they get from their employee benefit schemes by embracing customer relationship management skills, Hewitt Bacon & Woodrow claims.
Hewitt head of European human resources and flexible benefits delivery practice, Chris Noon, said employers should use all the information they have about their staff.
Noon said firms could then tailor their benefit communications materials – be it paper, electronic or conversation – to match an individual’s needs.
As an example, he said that employers know the family circumstances and demographics of their workforce, as well as where they live, what schemes they belong to and how much they contribute to them.
Noon said by taking an individual’s circumstances into acc-ount, firms can boost both the take-up and effectiveness of their schemes. He said: “The reality is that 90% of staff don’t understand what they’ve got as it is.
Employers need to do a better job of getting employees into action with their existing benefits and understand where things are sub-optimal.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.