REWARD
Taking stock
AndrewDrake, client development director at Buck , explains why now is the perfect time to review employee benefits
W ith the pandemic dominating the headlines, it’s safe to assume that many employees are feeling vulnerable, concerned, and unsettled right now. As such, it’s vital for employers to show they’re thinking about their employees’ wellbeing and putting their needs first. Employee benefits have an important role to play here, but they may require some additional attention to ensure they are fit for purpose. Reviewing the benefits currently on offer is a good way to begin this process, but there are bound to be some pitfalls to avoid along the way. Out of step One common challenge with employee benefits is keeping them relevant, especially when there is a wide range of people to be catered for. After all, each employee will have different priorities from the next, so businesses can’t simply base their benefits scheme around one group or demographic. Instead, a range of benefits should be provided in order to satisfy different employees’ individual needs. For example, given the current health crisis, most workers will want to choose from a variety of benefits that provide them with greater flexibility, financial security, and overall wellbeing. And employers seem to be listening.
For employers, this is clearly an important area to get right, since workers who feel their company’s benefits offering doesn’t align with their needs will quickly start to feel disillusioned. In fact, half of workers (https://bit.ly/2Ya781y) now say that they would leave their job if they thought a different employer might offer a better benefits package. Perking up For all these reasons, there is a clear incentive for employers to review their benefits schemes regularly, starting with how their current benefits are being used. Technological innovations have allowed for more advanced data analysis in this area, which means that employers can now get a very clear picture of which benefits their staff are engaging with and, more importantly, which they are not. Taking this approach means that employers can sit down with staff – particularly those who haven’t engaged with any employee benefits recently – and discuss what alternatives they’d prefer to see instead. Data analysis can also highlight if the current benefits of offer have been communicated well enough, or whether more awareness needs to be raised about the value they provide. In some cases, it may just be that more training is needed to help employees make the most of the benefits available to them. Once this initial review is completed and changes have been made, it’s crucial that employers draw up a long-term plan for reviewing these benefits regularly, as this is the only way to ensure they reflect the needs of both the business and of employees. This approach will not
only help to keep staff engaged with the benefits on offer but will also discourage them from looking for a more competitive benefits package elsewhere. Keeping in touch Without a doubt, benefit schemes that are kept up-to-date and tailored to employees’ personal preferences can have a significant positive impact on the wellbeing of staff and the wider workplace. Employees will appreciate the fact that the company is thinking about them and investing in their future, which can make them feel more valued, happier, and healthier. This can, in turn, raise productivity in the workplace and also create a more social atmosphere, especially if there’s a sense that everyone is pulling in the same direction. During these difficult times in particular, taking the time to speak with staff about what they want from the company’s benefits scheme can go a long way towards easing any concerns they may have and making them feel looked after. Moving forward Reviewing an existing benefits scheme shouldn’t be something to fear, even if it hasn’t been done in a while. Instead, it should be seen as an opportunity to realign the company with the goals and needs of its employees. Data analysis can help here by identifying who has – and who hasn’t – engaged with the current scheme, as well as which benefits may have fallen flat, which are most popular, and whether the value of these offerings has been communicated well enough. Employers can then use this information to create a benefits scheme that makes employees feel both motivated and valued, resulting in a happier and more productive workforce who are willing to go above and beyond for the company for the long- term. n
Buck’s Working well study (https:// bit.ly/3kURhh7) found that 81% of
businesses now aspire to achieve a culture of wellbeing at their company. This is good news, since six in ten workers (https:// bit.ly/2Ya781y) now believe that their employer has a responsibility to look after their personal wellbeing.
...clear incentive for employers to review their benefits schemes regularly...
| Professional in Payroll, Pensions and Reward | September 2020 | Issue 63 38
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