3 essential ways to spot when a benefit is no longer making a difference to employees
Keeping employees happy and well cared for is key to the success of a business. Happier employees are more productive, boosting not only the workplace atmosphere, but also company productivity.
One way to care for your employees is offer employee benefits. When you get it right, employees feel motivated, happy and appreciated in the workplace. Not only this, but when you offer attractive benefits, your business is likely to attract and retain top talent.
Over time, however, the employee benefit landscape is likely to change with employees having different needs and expectations in the workplace. In order to stay up to date and current with your employee benefits provision, it is vital that you are reactive to your employee’s needs over time. If you don’t, it is likely that there will be consequences for your business. You can spot when a benefit is no longer making a difference for staff by:
Assessing Benefit Usage
One of the main ways you can tell whether employees are satisfied with the benefits you offer is through assessing how the rewards are used. If you offer employees reduced transport costs through a cycle to work scheme, how many people are cycling to work?
Some benefits may be more difficult to measure than others. However, as technology has developed, the use of online platforms makes it easier to engage with employees as you can evaluate benefit usage. By seeing what benefits your employees are currently making use of, you can assess whether you need to change your employee benefits strategy.
Communicating with Employees
As well as seeing what employees are using, another way to actively find out if your employees are still engaging with your current benefits offering is through asking them! As an employer, actively take the time to understand how your employees feel about working for your business and which new benefits they desire. You can do this informally in group meetings or through annual reviews.
Online platforms also allow employees to communicate with their employers about the type of benefits they want to see. Technological advancements and the development of online portals mean that employees can often view other benefits your company doesn’t offer and register their interest. This gives your employees the opportunity to communicate with you about their desires.
Evaluate Your Attraction/Retention
Another way you can assess how your employee benefits are being received is by assessing your attraction rate. If you’re advertising for roles but there are less applicants than your previous recruitment drive, it’s likely that your company is missing key benefits that attract new people to come and work for your business.
Staying on top of the benefits your workforce needs is crucial to keeping a well-functioning company, and so this goes further than just attraction rate. If you find that your existing employees seem to be leaving quicker or are constantly asking for higher salaries, it is likely that they do not feel appreciated and rewarded by your current offerings. If your attraction and retention rates are struggling, it may be time to change your benefits!
The Ever-Changing Landscape
Benefits always need to be meaningful and useful to employees. With the landscape constantly developing, it is vital that you stay on top of your benefits offerings and take the time to communicate with your employees. This allows you to keep them happy, motivated, productive and engaged. Technology and online platforms have moved on leaps and bounds over recent years, making it easier for you to do just that.
This article is provided by Busy Bees Benefits.
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