2 min read
Employers have long been aware that a good combination of employee benefits has the power to attract, engage and retain talent. The question for many of us today is how to tap into that power and evolve an existing benefits offering to meet the changing demands of an increasingly diverse and multi-generational workforce.
What we’ve found often happens is an organisation might budget for a project that allows them to launch a new employee benefit, but don’t factor in the cost of the ongoing roll-out or communication of the initiative. This impacts the awareness, adoption and ROI of that benefit.
A recent report by Willis Towers Watson showed that while 2/3 employers are confident they have a comprehensive benefits offering that their employees value, less than half of their employees actually agree
So how do you move forward and reconcile these competing stats?
What can we learn from the best employers who are innovating their employee benefits in order to stand out from their competitors and meet the needs of their modern workforce?
1. Start with your people
Less than half of Aussie employees believe their benefits package meets their needs, so taking the time to ask, listen to and measure what your workforce really values will help ensure your investment and efforts aren’t wasted. Using surveys and platform analytics to get feedback from different areas of the business is key. While external benchmarking is important when it comes to designing benefits offerings, ensuring they are truly relevant will improve take-up and longevity of a benefits program.
2. Take a holistic and long-term approach
Look for ways to support different areas of your employees lives. It could be by leveraging their buying power and amplifying their disposable income by offering everyday employee discounts, encouraging free peer-to-peer recognition or setting up an internal mentoring program. Expanding your offering doesn’t necessarily mean increasing investment, but shifting or being creative with your current budget.
Developing a holistic benefits package helps companies build a strong employer brand that their people can connect with and trust, fuelling your attraction and retention strategies to nurture a positive culture that employees are proud of.
3. Digital is key to successful benefits design and delivery
Companies who are ahead of the curve invest in tools that offer a consumer-grade experience that their employees have come to see as “normal” in their personal lives.
Nearly two thirds of Aussie employees grew up in the digital age – choice, mobility, immediacy, and 24/7 support is pretty standard for our everyday experience.
Employers who can offer benefits that are personalised and convenient not set their employee experience and employer brand above the rest, they reduce time and cost of administration, open up a whole host of communication channels and access to program data and analytics that help increase awareness and usage, as well as refine their overall offering.
Want support as you evolve your benefits offering?