5 ways to ensure benefits support employees when they most need it
With modern workforces routinely spanning multiple generations with widely diverging requirements and desires, the days of the one-size-fits-all employee reward and benefit policy are well and truly gone.
But, for flexible benefits programmes to provide the support today’s employees need, they still have to be reviewed and updated on a regular basis.
Here are five ways to ensure your reward, benefits and HR strategy are up to the challenge.
1. Understand how reward, benefit and HR strategies are complementry
It’s important to have reward, benefits and HR strategies that are pulling in the same direction. That’s one reason why an increasing number of employers are bringing these elements together under the umbrella of a total reward approach.
Once you start thinking of the three as different strings of the same bow, you can use flexible benefits to address issues that arise.
If, for example, it becomes clear that your employees are making regular use of emergency childcare days, perhaps it’s time to look at a strategy that offers a greater level of medical support for children.
A total reward approach to the employee experience also allows you to communicate the value of an individual’s package via a dynamic total reward statement, which can help to improve understanding and create stronger bonds with your workforce.
2. Use insights to understand colleagues’ needs
One of the simplest ways to see what benefits your employees value is to check how much they are used. Modern technology makes gathering and evaluating data quick and easy, but internal engagement data does not provide the full picture.
To achieve a true appreciation of the support your colleagues want and need, you also need to take into account external factors such as the economic backdrop and the availability of timely and appropriate care via the NHS.
Data from partners is also an important piece of the puzzle, as is feedback from the frontline.
A multi-channel approach to gathering employee feedback – including, for example, workshops and forums as well as engagement surveys – should help provide an accurate idea of employee attitudes across the organisation.
3. Build strategy for maximum flexibility
Flexible benefits plans give employees more control over their benefits, allowing them to tailor their packages to better suit their needs.
It therefore follows that the more flexibility you offer, the closer the matches you can make with individual employees’ requirements.
However, it’s vital to avoid developing a benefits package that is so complex it becomes difficult for employees to understand.
When building a strategy, we therefore advocate developing a central reward hub that blends information, education, tools, services and benefits.
From an employer point of view, it’s also important to prioritise the ease with which the programme can be modified to meet the changing needs of the workforce.
4. Use technology to deliver
While workers need information to help them make the right decisions about their benefits packages, too much information lead to them disengaging and missing out on valuable support.
That’s why the ability to use employee data to work out when and how to tell colleagues about different benefits is one of the biggest advantages offered by benefits technology.
It’s also important to ensure colleagues can access the support they need when they need it, not just during office hours. A 24/7 employee assistance programme offering advice and information on how to book sessions and receive help is therefore another vital element, and is particularly useful when integrated into a central reward hub.
5. Don’t be afraid to make changes
Use the insights you gain about what employees need to shape your reward strategy accordingly. The enhanced data collection and analysis capabilities of modern benefits technology makes it easier than ever to accurately measure the real-time engagement success of a benefits scheme.
So, if you’ve developed your strategy with flexibility of management in mind, there’s nothing stopping you taking advantage of this by changing things up if they’re not working.
In partnership with Equiniti
Hi we are EQ; some may know us as Equiniti! We provide specialist reward, benefits and payroll solutions.
