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Do you have trouble attracting and retaining talent, despite having one of the best total rewards plans? Perhaps there is something you are missing out on – effective and comprehensive communication.
Patricia Goh, MasterCard’s regional head of C&B, said when it comes to helping employees understand their entitlements and what the company offers in the way of benefits, companies should “communicate the value of plan”, rather than focus on the plan itself.
Speaking at Benefits Asia 2013 today, she shared how communicating value of total rewards offered at MasterCard has brought the organisation to where it is today.
“The MasterCard Difference” was a total rewards branding exercise initiated to promote the value of the company and its benefits and programmes, using a “marketing approach”.
Goh shared how surprised her staff were when they came to know about the company’s recognition awards.
“Reach out to the employees directly to communicate and engage with them,” she said.
The company also organised a career development day, where career development specialists and management are invited to hold talks and hold panel discussions.
Such events help to enhance the Employment Value Proposition (EVP) perception, and also “debunk myths” or common misconceptions.
Goh added people will complain no matter how good a plan is, citing an example of the comprehensive international medical plan offered as an optional plan for employees.
Because of this, it is up to HR to work closely with the communications team to ensure the message is getting across.
“Blow up the value of benefits,” she said, adding that she got two employees to share about how the plan helped them through.
For live updates from Benefits Asia, follow the #BenefitsAsia conversation on Twitter @Mag_HR.