United Kingdom

Monster

Context

Monster is a global provider of job seeking, career management, recruitment and talent management products and services employing over 4,000 staff globally. Monster has a highly professional, knowledgeable, sales orientated workforce aged predominately between 25-35 who found workplace savings/pensions of little interest – just 41% were members of the Company pension scheme.

Monster’s main strategy and core values are to innovate and think differently. Educating staff so they can make well-informed decisions about their benefits was also a key consideration. It meant Monster could be in a position to improve/influence their employees’ lives by educating/supporting them in future planning and making balanced financial decisions. The aims were to:

  • Ensure pension changes (inc. auto-enrolment), communication and delivery would positively impact employees
  • Introduce a new system and pension focusing on how employees engage with it, ensuring it is compliant, accessible, user-friendly and tax-efficient
  • Introduce a way of saving staff money, setting in motion a financial education system for their employment lifecycle, by developing a highly-competitive rewards programme to evolve with employees’ needs

Results

  • Implemented a highly interactive benefits and financial management tool known as MyRewards run from our Bigblue portal.
  • MyRewards helps employees gain clarity on total rewards and the inbuilt financial management tool (Money) allows employees to see their net worth and what they can do to create better savings – and allows them to do so easily. The technology encourages employees to consider their short, medium and long-term savings.

A recent employee survey shows:

  • Implemented a highly interactive benefits and financial management tool known as MyRewards run from our Bigblue portal.
  • MyRewards helps employees gain clarity on total rewards and the inbuilt financial management tool (Money) allows employees to see their net worth and what they can do to create better savings – and allows them to do so easily. The technology encourages employees to consider their short, medium and long-term savings.

A recent employee survey shows:

  • 80% feel they’ve received sufficient and applicable information for AE
  • 73% confirmed MyRewards raised awareness of non-cash benefits available
  • 68% chose to join the Salary Sacrifice scheme, gaining from passed-back employer savings.
  • Prior to AE, 41% were in the pension scheme. Now? Just 6 out of 252 employees (2.3%) have opted out, showing that, through our communication and tools, they understand the importance of their pension. What’s remarkable is that employees were required to contribute 2.5% higher contributions than AE minimum requirements.
  • Monster retained over 95% of key talent last year, influenced by reward changes

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