ProShare held its second Communications Focus Group yesterday, chaired by Vikki Scott of Diageo and Eximia founder Chrissie Davis.
The wider political and economic climate is having an impact on share plans. The event saw a variety of ProShare members discuss the current and upcoming changes to SAYE bonuses and Capital Gains Tax (CGT). After a technical update, we discussed the communication challenges these bring – and practical ways we can approach them.
Missed the event? Don’t worry, here are the key takeaways:
Be on the journey
Empower your colleagues, so they can make the right choices for them throughout the year. For example, with the reduction in the CGT allowance, you may want to signpost or offer access to an ISA. If your maturity date is part way through the tax year, some of your colleagues may have already used part of their ISA allowance. Communicate at the start of the tax year so they have the details needed to plan ahead.
Bite-size is the right size
Engage your colleagues with content that is accessible and joined up. The CGT allowance changes may require them to fill out a tax return if there’s an upcoming maturity that’s well in the money. But many of your colleagues won’t have done this before. Be strategic about their journey to avoid overwhelming them with content. Use short, snappy communications to point to the places where they can find more information and support.
K.I.S.S. (keep it simple, stupid!)
Educate your colleagues with simple, clear communications. For example, the resurgence of SAYE bonuses doesn’t require your colleagues to take any action – so ditch the jargon, and don’t over-engineer it.
Eximia’s final thought…
These three takeaways are far easier to achieve with a holistic communications strategy, linking to financial wellbeing. Spending some time at the start of the year to create a plan will make your communications more proactive, intentional and easier to deliver. And you may find it helps you reconnect with colleagues who are disengaged.
With two significant changes impacting SAYE, now is a good opportunity to refresh your communications strategy and content. That’s where we come in – we can help you engage, educate and empower your employees.
Thanks to ProShare for hosting and all the contributions that made this a valuable discussion! If you have any ideas for future session topics relating to communications, reach out to Murray.
