HR professionals not getting the measure of employee benefits
While 76% of HR professionals said measurability was important and 90% said that it was important for employee benefits to be aligned with the business strategy, only 22% were satisfied with their ability to measure the contribution employee benefits made.
Dipa Mistry Kandola, head of flexible benefits service at LCP, said: “Despite 54% telling us that employee benefits are moving up the business agenda, few organisations have identified a structured way of using the information available to them to provide the basis for measuring the contribution made by their employee benefits package.
Missing the opportunity
More importantly, few know how this information can then be used to help with future changes needed to support the business and its people.
“In many cases, organisations are missing the opportunity to make a link – for example, getting stakeholder buy-in before embarking on any change or getting feedback from their people in the form of targeted focus groups or surveys,” she said.
LCP’s survey found that the top employee benefits priority for HR professionals is pensions change and the knock-on impact on benefits packages – referred to by 47% of professionals as a current high priority.
Other currently high priority areas are employee well-being and mental health (40%); using new technology to deliver benefits (24%); and enhancing the user experience (33%), when accessing information and making decisions around benefits and pensions.
70% are looking at incorporating new technology as part of their solution. 41% are very likely to use mobile / tablet based applications soon.
Dipa said: “Marketers use technology to analyse their customers’ behaviour through various data mining techniques to motivate customers to spend more, but more importantly identify products their consumers want.
HR are now thinking smarter by adopting this approach when it comes to employee benefits, offering a more targeted and relevant package without increasing administration.”
LCP interviewed 100 senior HR decision makers across a range of business sectors and sizes. For more report highlights and key findings visit www.lcp.uk.com/thinkingsmarter
This article was supplied by LCP.
