With PeopleSpace employers will be able to offer employees secure access to manage a range of work-related benefits from a single application, helping support employee engagement, retention and productivity whilst reducing the number of enquiries to the HR department. In addition it will enable employers to better understand their employees’ use of their benefits and undertake trend analysis.
The new PeopleSpace portal has advanced functionality covering all financial and other work-related benefits. These include: salary, pension (both defined contributions (DC) and defined benefits (DB)), share plans, work-related investments, such as ISAs, and other ‘flex benefits’ such as health insurance. It also has the ability to tie in third party applications where Equiniti is not the underlying supplier.
The technology enables an employee to see all of their benefits and make changes for example to investments under their pension or ISA, or opting for different types of benefits under any flex arrangement.
Stuart Bennett, Head of Flex & Online Benefits at Equiniti, commented:
“Peoplespace represents a technological leap - employees now have the ability to run their complete workplace benefits online. Until now, the ways in which employees could access or manage their employee benefits were disjointed. Few, if any employees, knew their true total value and perhaps even more importantly, the wealth that has been created for them by working for their employer.
“Beyond the obvious benefits, the implications are significant. An employee could now present a future mortage lender with their total rewards statement rather than just the last three payslips. They could also optimise their retirement income by taking a holistic view of their investments across their pension, including any monies that they had earmarked from a workplace ISA or a sharesave scheme.”
Charlie Tuxworth, Director of Software and Innovation at Equiniti, commented:
“PeopleSpace is built on the latest technologies and is one in a series of innovative new offerings that Equiniti is delivering to ensure our customers remain at the leading edge. We are putting significant effort into providing systems that give an excellent end-user experience. We see this ‘consumerisation’ of corporate systems a critical requirement for the future of business process services.”