Just under two-thirds (63%) of respondents say that communicating with staff is a key challenge when implementing effective flexible benefit schemes, according to research by Aon Employee Benefits.
Its Aon Benefits and trends survey, which surveyed nearly 500 UK businesses, found that the top three challenges employers experienced when implementing flexible benefit strategies were: communicating with employees (63%), keeping the flex scheme fresh and updated (44%) and administration and reporting (38%).
The research also found that:
- 61% of employers were concerned about their employees’ lack of financial understanding.
- 58% of employers do not currently offer total reward statements, while just 9% have plans to introduce these.
- 45% do not feel their workforce fully understand their pension.
Tobin Murphy-Coles (pictured), commercial director at Aon Employee Benefits, said: “These findings, mixed with increasingly complex decisions employees need to make, show employers that reward communications are a high priority.
“Total reward statements can certainly form part of this. New platforms not only deliver flexible, voluntary and online benefits, pensions and auto-enrolment but also give employees a way of managing all their savings, debts, investments and earnings in one place.