Mercer has launched a tool that aims to help employees better manage their retirement and health goals. Engagement among workers remains low, as do retirement aims. To improve engagement among employees with employers, and help employees better prepare for the future, Mercer’s digital tool, dubbed Mercer Harmonise, will inform employees of their current benefit situation, and provide a means to set long term achievable goals.
Employee engagement remains a thorny issue for many employers. Disengaged employees are generally less productive and less inclined to go over and above. A recent Aon study finds that only 57% of workers in 2014 were engaged in Europe, and according to Deloitte, the lack of engagement is the number one issue for organisational health. The health of employees also remains of concern for employers, with three in four being stressed at work, according to Capita. The study also shows that a considerable number of employees are not saving sufficiently for their golden years; half (50%) say that confusing and complicated terminology is inhibiting them from investing in their future.
In a bid to improve engagement and employee health, Mercer has launched Mercer Harmonise. The platform provides tools with which the UK workforce can better address retirement savings and health issues. According to the consulting firm, the new platform will provide a ‘one stop place’ for employees to access and manage their health, workplace benefits and financial affairs.
The new platform will be accessible from a wide range of digital channels, including smartphones, tablets, and desktops. Through the service, vital employee information, such as pensions, insurance and health data can be accessed in one place, from which employees can manage their goals – such as adjusting savings, selecting benefits and comparing themselves to their peers. The service uses the ‘nudge’ theory to help push users toward particular goals seen as benefitting them and the employer.
Commenting on the development of the tool, Fiona Dunsire, UK CEO of Mercer, says: “Benefit and health costs are increasing as the workforce ages. Most employees are still not saving enough for retirement and won’t be able to retire until much later in life. This has huge ramifications for the workforce. Across all life stages and ages, employees’ personal worries about their health and financial security are having a dramatic effect on how they operate at work. If employees are worried, distracted, not as healthy as they could be, then they are not as engaged as they could be either. Enabling employees to address their concerns is in the interest of employers and employees. Mercer Harmonise is designed to help.”
Niall O’Callaghan, a Partner at Mercer who led the development of Mercer Harmonise, adds: “Mercer Harmonise is designed to help employees understand where they are financially and where they want to be through an intuitive, dynamic and customised interface. It guides them in taking decisive action to improve their future. For employers, it helps improve their benefits and rewards strategy by driving improved engagement, increased productivity and reduced benefit administration costs. The digital interface is built with an understanding of how individuals receive information in real time supported by modern data visualisation tools. Mercer Harmonise will inform not scare, prompting employees to have greater interest and take more control of their critical workplace benefits.”