Now is the time of the year when employers and HR professionals start to review their employee benefits programmes, ready for the New Year and the new enrollment period.
While many will review the actual benefits and participation rates, few will take the time to review their programme as a whole. As a result, they could be negatively affecting their Return on Investment, and their ability to recruit and retain the best talent.
So here are five key elements that you should review your employee benefits scheme against to ensure that it delivers the success you want.
These days every workplace is made up of a multi-generational workforce, with some organisations seeing staff in their 60s and 70s working alongside those in their 20s. In many organisations, the oldest generation is still driving and running the workplace while the majority of employees are now younger and respond differently to those employee benefits that the older generations want.
Providing a flexible employee benefits scheme that offers a broad range of benefits that meet the needs of your multi-generational workforce is crucial to the success of your benefits scheme.
Nothing will reduce the participation levels in your employee benefits scheme like employees having to fill in mountains of paperwork. Whether it’s signing up for benefits or making amends to them, the process should be simple and smooth.
Technology can play a huge part in keeping things simple. An online benefits portal means your employees can find out about the benefits on offer and pick and choose their benefits all from one secure place without having to sit and fill in different forms for different benefits.
It’s important that your employee benefits programme can grow with your business. HR professionals need to think about what the business is trying to achieve and how will it look in five years time? What type of employees will the company be trying to attract and what benefits will attract and retain them?
Once you have a clear picture, you can then review your existing programme to see if it will scale up to meet the business’ objectives or whether it needs to be changed.
You can only measure the success of your programme if you have the right tools and information. Check your current reports, do they give you the information you need to ascertain whether or not the employee benefits you offer are helping you meet the organisation’s and your HR objectives?
An effective employee benefits programme will give you the information you need to answer critical questions such as can we identify any gaps in the provision of our employee benefits, what benefits can we re-use that have worked really well? You should be easily able to pull off reports such as participation levels, budget forecasting, and performance against budget without having to trawl through massive amounts of data.
Effective communication with your employees is perhaps the biggest contributor to the success or failure of an employee benefits scheme.
Many companies are sending out the same benefits email to all their staff, resulting in some cases in offering wildly inappropriate or even insulting “benefits”. Invitations to benefit from the Bike to Work scheme may be inappropriate for someone who is registered disabled or a remote worker, and car leasing is not going to motivate someone who hasn’t passed his or her driving test.
Technology can be your friend; it can help you segment your workforce into different groups and enable you to send out personalised emails so your employees only receive information on benefits that they might be interested in.