Blog
Greater employee engagement through pay
15th March 2024
Did you know that payday is a resource with largely untapped potential for increasing engagement with your employees, particularly around their rewards and benefits?
Think about it. Payday represents a time when employees take proactive steps to engage with their money. So it probably make senses that any financially related employer comms should be communicated where money is already on the minds of their employees.
Employee reward uptake
Uptake of employee rewards often fall below organisational expectations and there could be many reasons for this, as we’ve previously explored. But perhaps the reason could be as simple as the information is just not as easily accessible to employees as employers would like to believe.
Reward info is usually communicated via company intranets, email, or hard-copy brochures. But how likely are employees to sit and read through all the jargon? And by the time they do, will it be sufficiently attractive for them to agree to opt in on the understanding that their net pay will drop as a result?
These were some the challenges that lead us to develop a feature that would make it easier for employers to articulate the value of these benefits at the right place and the right time.
Pay and reward – the ultimate duo
Experian’s consumer research showed that 88% of employees want to see reward information alongside their payslips. This increases visibility and accessibility to their pay and benefits, but it’s also a win for employers looking to simplify processes by using a single communications channel.
Experian rolled out PayDashboard across the business in early 2023, after considerable collaboration between Experian’s Reward and Payroll teams and PayDashboard’s Product teams. Employees were now able to view their reward info alongside their pay, boosting the schemes’ visibility and helping them to understand their real-time monetary value.
Huge increase in employee engagement
And the results? A staggering 551% surge in employee engagement was achieved as employees saw more reason to open and engage with their payroll and reward data.
It also enabled Payroll to forge a closer relationship with employees as payslip queries were now more nuanced and focused.
This was a great side benefit, because it shifted the focus from net pay to insightful comparisons, and enabled Payroll to be recognised more widely as the team that play a role in improving the financial lives of employees.
About PayDashboard
PayDashboard's interactive payslip brings a world of financial wellbeing to employees each payday. Give employees access to pay, remuneration, credit info, employer communications and PAYE forms in just one click from anywhere, any time.
Plus, bring your employees closer to accessing mortgages and other loans with consumer-consented income and employment verification. It's so easy to boost employee financial resilience in your workforce with PayDashboard's pay experience.
See what PayDashboard clients are saying