In our modern world of immediate communication, employees expect to be kept informed about their benefits packages and the options available to them. It’s therefore important to deliver a training and education package, so that employees have a full understanding of the benefits on offer and how these can influence their financial wellbeing.
Generation Employee Benefits introduced a range of education workshops and seminars for staff and in 2019 launched individual staff retirement forecasting as a company paid employee benefit.
Financial education and communication – forecasting and seminars
An accountancy practice with 150 employees approached Generation Employee Benefits hoping to improve member engagement on their generous benefits structure and to help employees understand what their pension actually might provide for them.
The company’s concern was that its employees thought that once Auto Enrolled their retirement requirements were met, sadly far from the truth in most cases!
Our experts presented a two-tier approach of individual retirement forecasting for all employees wishing to be included in the project and employee seminars to present the benefits package as a whole. The compulsory seminars included a full breakdown of the advantages of pension membership and education about savings in general.
It is expected that in an average company over 70% of employees require a retirement forecast. The process involves gathering information, building the forecast reports, emailing information and holding staff seminars (face to face or virtual) to fully explain the report outcomes.
Feedback tells us that the company’s employees are fully appreciative of this approach and are now aware of the potential shortfall in funding, allowing them to plan for the future with more accuracy and knowledge.
Employees now know their retirement outcomes and options, and can therefore plan accordingly. Employees are appreciative of the service and grateful to their employer.
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