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21 Dec 2015
by Liz Morrell

Benefits Shifts 2016: Personalisation of employee benefits more effective than core packages

Standard, cookie cutter benefits packages are no more – in today’s world personalisation and flexible choice in employee benefits is key, according to new research from the Reward and Employee Benefits Association (REBA).

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The findings are from REBA/JLT Employee Benefits Shifts Research 2016, the first in a series of research reports from REBA, which surveyed nearly 300 pay, reward and benefits specialists working across a variety of organisation sizes and industry sectors between August and September 2015 to look at how their market was changing.

It showed that as reward and benefits managers strive to keep up with change core benefits have moved to a more flexible range of options created to better suit individuals. The fact that workplaces are also moving to a four, or in some cases, five generation environment is further evidence that a one-size-fits all package no longer works.

Debi O’Donovan, partner at REBA, said managers have to ensure they keep up with the shifting pattern of reward and benefits – both to better manage costs and ensure they are offering the best packages for their employees.

“Personalisation is a key trend in all areas of our life – from marketing to shopping – so it’s obvious that employee benefits should follow the same pattern. By tailoring packages to better suit their staff employers are more likely to see increased uptake in benefit packages and more satisfied employees as a result.”

The full report looks at the shifting nature of a number of benefit options in the market in 2016 and beyond and also looks at where organisations’ future spending and strategic priorities lie.

Download report here.

 

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