Nuveen’s Tereza Odunoye on how to deliver meaningful benefits that add value
Wellbeing has long been a significant driver in the creation and review of employee benefit schemes. However, proving return on investment (ROI) and adding value to your offering are still a major factors in the process.
At REBA’s recent webinar, Delivering great benefits design from strategy to tactics, supported by Howden Employee Benefits & Wellbeing, we asked attendees for their main motivation when changing or reviewing benefits design. The results revealed:
- Employee demand – 20%
- Cost of living – 18%
- Drive for fairness – 13%
- Wellbeing – 28%
- ROI and/or adding value – 21%
Perhaps unsurprisingly, wellbeing comes out on top – we all know how important a consideration this is in creating benefits packages – but with ROI and/or adding value hot on its heels, how should we be concentrating our efforts?
A valuable lesson
Tereza Odunoye, head of international benefits at Nuveen, shared her thoughts on this during the webinar. Throughout her HR career she has seen a lot of change, with a recent trend towards re-establishing company culture in a transparent manner, and making sure that benefit schemes are meaningful and add value.
“We have to be able to demonstrate that the changes made have seen good value on investment, as opposed to a monetary return on investment,” she explained. “And that’s something I talk about all the time with the HR business partners – they understand that it’s the value of the investment that is so important, and they proactively talk about the work that we’re doing and the effort that we’re putting in.”
Odunoye explained that regular engagement surveys and polls really help to bring these efforts to fruition. “I would definitely encourage benefits practitioners to make sure that they are reaching out to their BRGs [employee groups], and really leveraging the feedback they can gain from members,” she added.
The people-first mentality that is promoted within the organisation puts Nuveen in a really strong position, where nothing is done that isn’t meaningful, ensuring that there will be value on investment as a result.
The types of benefits that can provide this value can be quick wins. For example, Odunoye highlighted discount apps that can be used in supermarkets, which can be compelling for users, and also quite easy to tack on to your benefits package, at a relatively low cost. You can also easily monitor take-up rates to give you a sense of whether or not they’re being used.
Time for reflection
Matthew Gregson, executive director at Howden Employee Benefits & Wellbeing, agreed with the importance of adding value to your benefits offering. He talked about making tactical choices around your benefits proposition. “It’s about rinsing your providers for every ounce of added value that they can offer,” he said. “And knowing how to package that up and communicate it is key.”
He reiterated this as the need to maximise the value hidden within employers’ existing benefits. With hundreds of options available, it’s about investigating and appreciating what you already have. “It’s just a function of time, rather than money,” he concluded.
