How to check whether your benefits platform is delivering value for money
Organisations invest huge budgets every year in benefit platforms, both in terms of financial cost and the resources for implementation and management.
Proving value for money has always been important, but today it’s critical when the workforce continues to change and, with it, accelerating the demand for different benefit solutions and products.
“Meeting these diverse needs is a challenge, says EY in its report The Future of Workplace Benefits. It says: “In our survey, almost one-third of all employers and 40% of those with 1,000 or more workers said that meeting the needs of the multigenerational workforce was a key challenge.”
Not only do employers have a duty to provide value when it comes to employee engagement, but there’s also responsibility to manage budgets efficiently for business viability.
Getting value for money
But value for money can come in many different shapes and sizes depending on the impact each benefit has on the individual.
To help navigate and prioritise what’s most important for your programme ROI here are some questions to ask your benefit partners:
1. ROI analysis: Have you conducted an ROI analysis for the platform, and what key metrics are used to measure the platform’s effect on productivity, engagement and cost savings?
2. Employee platform engagement metrics: Do you know how often my employees are accessing the platform and what they are interacting with most?
3. Employee feedback: Can you gather feedback from employees on effectiveness/satisfaction and are there any areas for improvement?
4. Employee health and motivation: Can you solve specific employee health challenges, like debt management, or growing financial confidence and can you support employee life goals?
5. Personalisation: Can you focus on specific employee demographics/ communities and can the platform be customised to meet the needs of our organisation?
6. Consistent employee experience: Is your benefit platform global, can you provide employees with a consistent benefit experience no matter where they are in the world?
7. Driving uptake and engagement: How can I drive uptake and engagement of my benefits, and is there coverage across awareness, understanding and action?
8. Wider business impact: Does your benefit have a wider business impact, i.e. does it improve attraction/retention, close gender gaps, employee wellbeing, environmental, social and governance or diversity, equity and inclusion?
9. Support and training: What level of support is provided to employees or managers to understand the platform and do you offer training resources to help maximise the platform’s effectiveness?
10. Communication: Is there a way to communicate with employees both on and off the platform to increase engagement and participation?
11. Security and compliance: How do you ensure data security and compliance and can you provide details on the platform’s security features and certifications?
The opportunity to determine whether your benefits platform is delivering value for money is endless.
The question is: what does value mean to you and your organisation? Contact Nudge if you need further support on how best to assess employee benefit value and ROI.
In partnership with Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
