Before implementing their benefits and total rewards platform only 8% of AstraZeneca employees were aware of their total compensation. Fast forward two months, and that number was significantly higher.
The solution was to make each employee aware of their benefits by providing them with relevant, personalised and easy to access information. This was particularly important for the pension – a benefit that was costly and time-consuming for HR and one they had previously struggled to engage employees with.
– “We found that our people didn’t want to know the ins and outs of our pension policy. They just wanted to know what was best for them” says Ulf Holmgren, Regional Benefits Lead at AstraZeneca.
The most popular benefit among AstraZeneca’s employees? A flexible bonus managed and utilised through the platform.
– “Our bonus exchange is very popular with our employees. Through our employee benefits platform, they can choose what to do. For example, they can buy more vacation, invest it in their pension or withdraw it via their next salary payment” says Ulf Holmgren.
1Increased awarenessThe percentage of employees who know about their total compensation increased from 8% to 31% in just two months after launching the Benify platform. In addition, HR received fewer questions from employees.
2High employee engagement ratioA total of 99% of employees log in to the portal twice a month, for example, to see their digital payslip or manage their flexible bonus.
3Happy EmployeesAccording to Benify's annual survey, Benify Score, we found that AstraZeneca's employees were among those most satisfied with their employment benefits in 2017.
More than just salary– “If we can only offer or communicate net-salary earnings, we wouldn’t have a chance in the UK or US. However, if we can show that our pension is one of the best, then we are really competing against other employers” says Ulf Holmgren.