Buck Consultants’ new financial reward mobile app enables companies to engage with their employees about their benefits
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New eco-system for pensions gives employers critical management information and employees a clear illustration of current reward and future retirement income
Buck Consultants (“Buck”), A Xerox Company, has today launched a mobile app for its integrated reward portal, ‘Compass’, which enables employees to view details of their total employee benefits on a smartphone anytime, anywhere.
“This mobile app is an eco-system for pension and reward, giving both the employer and the employee valuable information,” said Girish Menezes, Principal at Buck Consultants. “For employers it gives critical management information by encouraging employees to provide direct feedback through individually rating benefits, enabling employers to target and drive best-value in terms of benefits spend.”
Compass uses modelling to provide employees with a link between current reward and future retirement income, helping them to understand the impact of current choices on their potential pension income. It enables them to set an appropriate retirement income target, which, together with an online questionnaire, identifies their attitude to investment risk and allows them to visualise what their contribution level should be.
Girish Menezes continued: “With the shift in responsibility for making choices about employee benefits combined with the fact that people are using their smartphone more and more, it makes perfect sense for employers to engage with their employees about their salaries and other benefits via a smartphone app, which they can check anytime, anywhere. Employers who use this app are helping their employees make sensible choices, and can ensure that they’re offering benefits that employees actually value”.
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