The simple way you can boost the impact of your benefits in 2019
Judging by the results of the CIPD’s and LCP’s recent Reward Management Survey (2018), one area most of us would do well to focus on is the extent to which the employee benefits we offer are making a difference to our people or business: almost three in four employers don’t assess the value of their investment.
When benefits fall flat
If you can’t manage what you don’t measure then it would appear that, in many organisations, benefits strategy is likely to be drifting rather than supporting business goals around retention, recruitment or positioning the organisation as an employer of choice.
Businesses which don’t actively manage their investment in benefits end up suffering on a number of fronts.
The first of these is in the potentially wasteful offering of benefits, which employees either do not use or do not want. The second is in missing out on important levers that can reduce the cost of hiring and keep the people you need to succeed. Last of all, in neglecting your benefits proposition, you hand an ever-greater advantage to those who are doing it well.
Measure, manage and thrive
Whether it’s a while since you reviewed the impact of your benefits proposition or you have put a new package in place in the past 12 months, there are good reasons to commit to regularly reviewing what you are doing in this area.
One powerful reason is the changing expectations of your employees. They want to be able to pick the benefits which are relevant to their stage in life, rather than a generic one-size-fits-all package.
This can’t be done without a benefits platform which offers that style of self-service and enables employees to access and manage their benefits at work or at home.
Finally, if you aren’t listening to what your employees want, you could be missing out on simple low- or no-cost benefits which could make a big difference to the way your employees think about your business: paid time-off for nativity plays or allowing the delivery of parcels to work are two examples.
Of course, I recognise that even at the best of times, we all have competing pressures and more tasks than time in the day. But if anyone is looking for the secret of how to boost the impact of their benefits in 2019, it is quite simply: measure the value and work out what you can do better.
Andy Philpott is sales and marketing director at Edenred UK.
This article was provided by Edenred UK.
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