Nowadays, companies are growing larger and more spread out across the globe. When it comes time to communicate your Sharesave Scheme, you might think an expensive digital campaign is the only way to ensure an impressive enrolment rate.
But it’s not. When explained properly, and communicated effectively, the benefits of a Sharesave Schemes are simple. Your employees will see that, and if you don’t have the budget, Hollywood-level videos or animations aren’t going to make or break the success of your plan.
So how do you do this – explain the Sharesave Scheme in a way that your employees can understand, with clear instructions on how to enrol and participate – all without breaking the bank?
Here’s a quick guide on how to communicate your Sharesave scheme on a budget.
1.Make sure your communications count
It’s important to remember that a Sharesave Scheme is going to be unfamiliar territory for your employees. Most employees won’t care that they will be granted an option to purchase shares in the employing company at a predetermined price, or that a CFO they’ve never met wants to tell them how exciting the opportunity is. You need a way to connect with them, that positions the scheme in a language they understand and can relate to.
Explain how your Sharesave Scheme can pay for that extension on the house they’ve always wanted, or for the holiday in Italy they’ve been dreaming about. By simply targeting your audience effectively, you can reduce your resources.
Think of your demographics and consider breaking out your staff communication lists according to their seniority within the company. Younger, junior members of staff aren’t going to be thinking about their retirement, for example.
Talk to them about the European trip they’ve been dreaming of or saving for a new car. Speak their language.
2.Get your employees talking
Your employees are far more likely to act on advice from their colleagues than from any other source—banners, emails, presentations, etc. You can promote your Sharesave Scheme all you want, but unless you get your employees excited and talking about it, uptake will remain low. How can you do this?
Start with a high-level explanation first, letting your employees know that an exciting new benefit is coming, to get them curious. Then, organise meetings with mid-level managers and walk them through the plan, highlighting the benefits. Or, nominate ambassadors who can act as motivators and guides. When you send your next email, your employees will have colleagues to turn to for any questions they have and are more likely to engage.
Along with this:
3.Try different ways of communicating
We’ve all done it. An email or memo comes in from corporate or HR – and we skip right over it. Emails are incredibly effective when used properly, but you need to communicate without inundating their inboxes.
Try setting up a group chat on your intranet, or arranging coffee mornings with one of your Sharesave Scheme ambassadors. You could even set up a Questions box (or web-based equivalent) where employees can engage directly with your company’s plan experts. By engaging with your employees on a personal level, or facilitating their engagement with their peers, your plan will see a lot more success.
And while you’re at it:
4.Tell a story
You can spend a lot of time, energy and most importantly, money, on a communications campaign to announce your Sharesave Scheme. From a flashy design budget to a whole army of copywriters working on a campaign’s catchy title and messaging. And after all this, the campaign might still not land.
People connect to stories. They tap into our emotional side and make us react—which is what you need to change how people behave.
Use the resources you have to make a real connection. Identify some employees who are interested in your Sharesave Scheme, and ask them why they are interested in joining.
What’s their end goal?
Sharing these testimonials (with permission, of course) will have a far greater impact than any expensive campaign message. If this isn’t your first year, share some positive stories from participants and how they’ve benefited or put their Sharesaves Schemes to work.
5.Highlight employee ownership
Did you know that 49% of employees would trade a portion of their salary to continue in their current role with an added sense of purpose? Yes, the Sharesave Scheme has a lot of financial advantages for your employees. But maybe the most important advantage is employee ownership.
Highlight the benefits of employee ownership and find ways to foster it. For example, celebrate the plan’s launch with a social media (and budget) friendly event, like a bake-off. Use your communications to explain how your employees will profit from the scheme, but use the campaign title to push the idea of employee ownership.
Now that you know a few ways to communicate your Sharesave Scheme on a budget, contact Global Shares to discuss more ways to make your plan the best it has ever been. Read more about Sharesave here.