Aviva targets workplace savings market

Aviva is strengthening its position in the workplace savings market by launching Total Reward Statements - an online, personalised record that lets employees understand the value of benefits provided by their employer.

Total Reward Statements will be offered alongside group personal pensions. They will carry individual companies' branding and give staff a personal statement of their benefits package including salary, bonus, pension, medical insurance, health screening, life and critical illness insurance, car allowance and holiday.

Information is presented in graphical format so that employees can see a consolidated reward statement and have access to more information including benefit descriptions, booklets, and application forms if required.

The technology is provided by Staffcare, an award-winning employee benefits softwarecompany that licenses its technology to many of the UK's leading employee benefit consultants and corporate advisers.

Paul Goodwin, head of pensions marketing at Aviva, said: "Aviva's Total Reward Statement is ideal for employees because it enables them to better understand the value of their workplace benefits; the advantage for employers is that it improves staff engagement. An increasing number of employers are using Total Reward Statements and entering the workplace savings market. We expect that this will be a growing market over the next few years, and one in which Aviva will play a leading role."

Phil Hollingdale, Staffcare's founder and CEO, said: "We are seeing an increasing demand for our software as companies seek to improve their return on the money they spend on staff benefits by raising employee awareness and appreciation through online total reward statements. Many companies recognise that they could do a better job of communicating benefits to employees and old methods of communication such as printed handbooks and face-to-face meetings do not meet the demands of today's internet-savvy employees who are used to information on demand.

"Many leading employee benefit consultants and corporate advisers have already embraced our software. Aviva is the first product provider to license our software and we are excited to be working with them."