Whether you’re a managing director, chief executive, a people manager or HR professional, you’ll know that recruiting the right team members plays a significant role in the overall success of a business. But how do you keep great employees on board, and stop them from hunting for new opportunities? One of the main solutions to this ever-occurring dilemma is by developing and implementing an effective employee benefit strategy. 📈
It’s important to monitor and review your employee wellbeing and benefits strategy on a regular basis, updating it as staff, finances and tax benefit rules change. Equally, if your programme hasn’t been looked at for a while, or you don’t think it’s quite fitting with your current team’s goals, it’s probably the right time that you reviewed it 🤓
So, what 5 key steps can you and your business follow to ensure that your current or future wellbeing strategy is performing at its best, and your team are getting the most value out of the benefits that you’re offering them?
Establish clear objectives and outcomes 📊
Determine what it is you want to achieve, both from an organisational and employee perspective, and consider where the current strategy isn’t quite delivering.
Listen to your team 👂
As part of any review or redesign of a benefit strategy, it is essential to consult your employees for feedback on the current offering. What do they use regularly or like to dip in and out of? What isn’t included in the scheme that could be? What benefits aren’t being utilised?
Adding, changing or removing an employee benefit 📋
Whilst introducing a new employee benefit is a relatively easy process, modifying or removing one is likely to require a little more consideration. Is it legal, for example? Or will you need to consult an external body regarding employment legislation to ensure you’re not breaking the law?
Many businesses overlook the comms campaign that should accompany the rollout of any new scheme or programme, and – ultimately – if staff take-up is low, no one will benefit. It’s important any new schemes are communicated transparently and effectively to your team to ensure they get the most value out of it.
Measuring success 🌟
When it comes to employee benefits, return on investment can be obvious and not-so-obvious. Consider areas such as reductions in benefits spend, levels of absenteeism, uptake and engagement, and awareness and appreciation.
One of the main reasons for offering employee benefits is to improve staff engagement. However, a large proportion of employers invest in a wide range of employee benefits and fail to communicate them effectively to staff – meaning they aren’t getting a return on their investment.
When it comes to benefit packages, employees need to know what their employer provides, otherwise there will be little chance of getting value from your investment, as portals and deals remain untouched and, in the case of a health cash plan, no residual business benefits. A good benefits strategy, communicated well, can help to manage – and reduce – bottom line costs, and help to build a loyal, more productive, happy and healthy workforce.
To learn more about how your business can develop and implement an effective wellbeing strategy, head to our Wellbeing Strategy Page. 📈
If you have found these 5 tips helpful, let us know how you get on! 🙌