How benefits technology can be used to alleviate the stresses and strains of business change
When Greek philosopher Heraclitus wisely said that the only constant is change, perhaps he was referring to business.
Today, more than ever before, change is constant in the workplace. From organisation-wide changes, transformational acquisitions, mergers, restructures, personnel and technological shifts, change is everywhere.
Unsurprisingly, any change to business directly impacts employees. The American Psychological Association 2017 Work and Well-Being Survey found that employees experiencing company changes such as restructuring, budgetary modifications, or new leadership, are more likely to report chronic work stress, less likely to trust their employer and more likely to say they plan to leave within the next year, compared with those who haven’t been affected by organisational change.
Make employees feel valued
With organisation-wide changes, it can take some time before improvements can be seen. During this time, leaders must assure employees that they are part of the company’s future and that each employee is valued.
Making employees feel appreciated and aware of their value is vital. To do this, companies would be wise to show the ways the company cares for its employees by making them aware of the true value of their compensation package.
In other words, in addition to salary, what benefits does your company offer employees to support their health, financial wellbeing or work-life balance? From pension and insurances to discount public transport, lunch subsidies, and training passes – the value of one’s compensation package really adds up.
Transparency creates trust
Amidst change, transparency is key. Transparency helps develop trust, creates feelings of inclusion and reassures employees that they are part of the company’s vision.
Today’s employees demand transparency from their employer. Employees who work for companies which are transparent have greater trust for management, are more committed to the organisation and are more connected to the employer brand.
Benefits technology is one such way companies can increase transparency and create greater employee awareness around benefits and total compensation. Benefit management systems and portals allow companies to package and present their benefits on offer to their employees in a smart, convenient and attractive way.
Best yet, when an employee logs into their portal, they see benefits and other employment information tailored specifically to them. Personalisation positively affects the employee experience and demonstrates a greater sense of understanding of each individual.
Underestimating the value
Our 2018 Employee Happiness Index reveals that an alarming 80% of employees underestimate their total compensation. In other words, most employees are missing out on an important part of their compensation and are unaware of its true value.
Employees who are aware of their total compensation were 20% more satisfied with their benefits and 19% more convinced their benefits are better than other workplaces.
Creating awareness and appreciation
In times of change, feelings of appreciation cannot be overstated. Our data shows that employees who are aware of their total compensation are 14% closer to their employer’s brand. This is extremely important when it comes to retention.
By making employees aware of the true value of their compensation, and are thus appreciated, employees are less likely to feel stressed amidst change. One of the best ways to make employees aware of their full compensation value is by using benefits technology to provide employees with a visualised monetary breakdown of their salary, benefits, pension and insurances.
Another way benefits technology can help create awareness and alleviate stress is through self-service. Companies should choose a portal and benefits management system that gives employees a self-service option to select and enrol in the benefits that best match their needs.
For example, in the Netherlands, in addition to regular vacation days, leading organisations offer employees a so-called 13th-month benefit. Through a benefits management system or employee portal, employees can choose to use this 13th-month bonus payment as extra vacation days, exchanged for profit-sharing, or paid out in part or in full.
While change is inevitable, it needn’t be scary. There are many ways to embrace and support business change and creating appreciation and awareness through benefits technology is one of them.
This article is provided by Benify.
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