Video: REBA New Year Lectures: Why now is the time to rethink your benefits packages

Now is the time to rethink and re-analyse benefits packages to ensure your business and your employees are getting the maximum benefits from their benefits, according to Dipa Mistry Kandola, head of flexible benefits at LCP.

See the video of LCP’s Dipa Mistry Kandola’s “Rethink your benefits for 2016” presentation in full, above.

Speaking at the REBA New Year Lectures 2016 Kandola said that organisations should look again at analysing and benchmarking their rewards strategies and ensure they can quantify their benefits from them – both to the board and other stakeholders.

“What is really important for you as HR at the moment is to stop, take a breather and evaluate what’s needed for your business,” she said.

“Yes 16 March is coming but how can you plan for the changes that suit your organisation's needs? Later it will help you demonstrate to budget holders the benefits delivered and hopefully make it easier to sign off what you need in the future because, whether you decide to keep things as they are or change things, costs will increase in this area,” she said.

Kandola highlighted a number of steps organisations can take that will help them ask the right questions about whether they are getting the most out of their benefits packages – one of the most important of which is to have a defined guiding principle as to whether such packages truly meet the business needs and requirements.

Such reviews were particularly important now, she said. “I see workplace pensions and benefits of 2016 and beyond as an arena in a perpetual state of change. You get your head around one piece of legislation and then the next bit of legislation or innovation busts through your door,” she said.

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