41% of companies not updating their staff on employee benefits

RESEARCH by Chase de Vere, the independent financial and corporate advisers, in conjunction with Lightbulb, an independent research company, shows that employers risk wasting the money they are spending on employee benefits by not effectively engaging with their employees.

The Research, conducted in 2018, consisted of making around 10,000 phone calls to employers which are representative of the UK company population and then conducting in-depth interviews with senior HR decision makers in 300 randomly selected businesses, ranging from 30 to 38,000 employees, to capture their attitude and current perspective on benefit provision.

Chase de Vere asked:-

For what reasons do you provide employee benefits?

► Important for recruiting and retaining good quality staff = 58%

► Staff value the benefits reward package = 40%

► Makes employees feel secure about their jobs = 29%

► To provide a range of benefits to a diverse workforce = 28%

► Providing a good range of benefits supports company goals and strategy = 24%

► It is cost effective for us to offer = 21%

The results show that companies have very sensible reasons for offering employee benefits. It can be seen that these benefits should be used to support the company strategy by helping them to recruit and retain the right people and for their employees to feel valued and motivated.

What is the most important reason why you provide your current range of employee benefits?

► Popularity with staff = 30%

► It is a historical benefits package = 27%

► Cost = 22%

► Not reviewed them yet = 7%

► Range of choices for employees = 7%

► Recommended by an adviser or accountant = 7%

Popularity with staff is a great reason for companies to determine which employee benefits to offer. However, by sticking with a historical benefits packages or being dictated by cost it could mean that the benefits offered aren't those that would be the most valued by employees.

Does your company give regular updates on employee benefits?

► Yes we do = 59%

► No we don't = 41%

While companies understand the reasons why employee benefits can add value to their business, it is disappointing that 41% don't provide regular updates to their employees. This suggests that the money they are spending may not be appreciated or valued by their employees.

If your company gives regular updates on employee benefits, how often does this happen?

► Weekly updates = 3%

► Monthly updates = 25%

► Quarterly updates = 33%

► Annual updates = 39%

Of the companies that give regular updates, 39% provide these only on an annual basis, which means that employees may not be fully engaged with their benefits.

In which ways do you communicate with staff about employee benefits and pensions?

► Individual personalised letters (hard copy or email) = 57%

► Induction pack = 56%

► Online communications = 43%

► Staff handbook = 38%

► Meetings = 32%

► Notice boards = 17%

► Payroll = 16%

► Automated trigger letters = 11%

► Seminars = 5%

It is positive that companies are using a range of mediums to communicate with their employees. However, most of these methods don't provide the opportunity for employee feedback or engagement, which means that the benefits offered may not be truly understood or valued.

Sean McSweeney, Corporate Advice Manager, Chase de Vere, says:- "Employers understand the rationale behind offering employee benefits packages and how these can help them to achieve their strategic goals. However, many companies are likely to be wasting money by not engaging effectively with their employees. This could be through not reviewing their benefits packages to ensure that employees value them, not providing regular updates and not using communication mediums which allow for interaction and engagement with their employees. What this means is those companies that do put in the time and effort to listen to their employees and that provide benefits which are valued and communicate effectively, will have a competitive advantage in terms of recruiting and retaining the best employees for their business."

Maritime minister visits port of Liverpool

PEEL Ports welcomed Maritime Minister Nusrat Ghani MP to its flagship container terminal Liverpool2, Wednesday, 25 July 2018. The visit comes as the terminal prepares to welcome its largest regular caller to date when 2M (Maersk and MSC alliance) introduces a new transatlantic container service to the port.

The Minister met with Chief Operating Officer Patrick Walters and received a tour of the port, as well as meeting with workers from varying roles across the container terminal.

Patrick Walters, Chief Operating Officer of Peel Ports said:- "Workforce diversity is very important to us, blending attributes and skills enables our people and our business to perform to their true potential. We are committed to increasing diversity, and this includes attracting more women to the industry and supporting their development into senior roles. We're pleased that the Minister has been able to see what we are doing to support skills development, employment and international trade at this exciting time for our business."

Maritime Minister Nusrat Ghani said:- "It was fantastic to see 1st hand the workings of this thriving port and to meet the highly skilled and dedicated staff who drive its success. Our ports play a vital role in Britain's economy and I welcome the stellar work Peel Ports is doing to invest in infrastructure and skills for the future while attracting trade for both Regional and national benefit."

2M is switching its TA2 service from Felixstowe to Liverpool on a temporary basis. At the same time, Maersk Line's South American service, Colombia Express, will also start calling at the port of Liverpool, exporting UK goods to Newark.

Liverpool will be the final port of call for both weekly services as they head westbound across the Atlantic. The ships will load UK export cargo such as Scotch whisky, food products and trade machinery. The new services will also see the Port of Liverpool open up direct links with the US ports of Charleston and Savannah.

The TA2 and Colombia Express routes will use a range of vessels up to 8500 TEU. The larger vessels will call at Liverpool2 with smaller vessels using Royal Seaforth Container Terminal.

Earlier this year Peel Ports introduced a rail freight service connecting the Port of Liverpool to Scotland, in partnership with DB Cargo. It is now the only major UK container terminal to offer tri-modal connectivity, with road, rail and water, the Manchester Ship Canal, plus short-sea shipping offering connections to Scotland and Ireland.