How can you ensure you’re providing the benefits that your staff really want?
The employee benefits landscape is ever-evolving and has changed significantly in the last few years. Traditional paternalistic benefits (defined benefits pension schemes, private medical insurance and life assurance for example) were popular in the past, but today employees expect both choice and flexibility in the benefits their employer provides.
So what can you do to ensure that the benefits you are providing are those your staff really value?
It’s obvious, but surveys are one of the most simple and effective ways to establish what your staff wants. Make sure you ask which benefits they would actually use though, not simply to rank benefits in order of preference, as there may well be a difference between the benefits they’d select from a wish list to those that they would use in practice!
Establishing ways for your staff to give regular feedback and suggestions on the benefits you provide, can help to ensure the benefits that you’re offering are those they really want. Done well, it can have the added benefit (no pun intended!) of increasing engagement levels. Possible options to consider are focus groups, benefit champion networks or a benefits@xxxx (employer) email address. But beware! If you ask employees for regular feedback, you’ll need to be able to demonstrate that you are acting on it.
Union representatives can also be asked to provide feedback on how staff are feeling. This can be very useful, provided you are confident the feedback is representatives of the whole workforce. Many organisations have staff networks too that operate to support diversity within the workforce. These can provide further, and sometimes surprising, insight on how staff view their benefits
One of the best ways to asses the effectiveness of any element of a Reward package can come from new joiners via your recruitment team. They can give valuable insights on what potential new hires think about your benefits. You can also ask new joiners if there are any benefits their previous employer provided that you don’t.
Exit interviews can also give insight into how employees leaving your organisation feel about the benefits you offer. Leavers can also be asked what appeals to them about their new employer’s benefits package.
A review of the external market can identify the benefits that our competitors are offering. You could consider using an independent consultancy, such as Reward Connected, to conduct a review of the market for your organisation. Our benefits reviews cover 6 main areas including financial benefits, work/life balance benefits, healthy body and mind benefits, personal development benefits, working environment benefits and company culture benefits. Our benefit reviews are very popular and in demand. Through our wide research network, we are able to tailor our market data in order to provide a robust and niche comparison to your organisation.
Need more help?
Reward Connected is an independent consultancy specialising in reward and benefits, so we’re ideally placed to help you identify the right benefits for your organisation. Contact us today to discuss the support we can provide. We look forward to helping you.