With the fire returning to the economy, the battle to hire and keep the best people will play a key role in the success of organisations in the next year.
Take-home pay is a critical consideration for prospective employees and existing ones but employee benefits are critical in shaping the perception of a company as a one worth working for, or one which should be given a wide berth.
Keeping pace with the organisations you are competing with for talent is key, but how do you know if you need to up your game? Here are five signs you may be falling behind:
1 You don’t know when you last reviewed your benefits proposition
Familiarity breeds contempt and organisations who fail to regularly refresh their benefits mix miss out on new ideas and opportunities to give their employees something which shows their organisation values them.
From financial education to support for employee wellbeing, new opportunities to support employees are regularly emerging and it is the companies who grasp these who are most attractive to employees.
2 You don’t know what employees want
When was the last time you asked your employees about the kind of benefits they might value?
I am not necessarily talking about a big survey about benefits but about conversations with your employees and taking a step back to look at the kind of the people you need in your business, their work-life expectations and what would help them.
If you haven’t done this recently, then the chances are your benefits proposition isn’t closely aligned to what your people – existing and prospective employees – want from you.
3 Technology? What technology?
However great your benefits package, one of the biggest problems for employees is keeping track with paper work and passwords they need to take advantage of what’s on offer.
Technology has made it simple for employers to deliver benefits and employees to manage them through portals and mobile optimised sites. If your benefits proposition still relies on paper or multiple passwords, then look again at how you can make this a slicker, more user friendly experience by taking advantage of the new platforms and portals which can deliver employee benefits seamlessly.
4 You only tell new joiners about what’s on offer
In many organisations, the welcome pack is the first and last communication about the broad benefits on offer. After that, it is frequently left to the employee to remember and research the benefits on offer as their needs change. Regular timely communication is critical to maximising your investment in benefits and in building awareness of your proposition. If you don’t have a communication timetable to remind and prompt your employees to take up what’s on offer then it’s time to get one.
5 Employees don’t appreciate what’s on offer
‘We would invest more in benefits but they don’t seem interested in what’s there already’.
This commonly heard phrase among managers is perhaps the clearest sign that an employer is getting its approach to benefits wrong. If employees aren’t interested it’s either because your benefits proposition is out of touch with what they want or they don’t know about it. It’s time to think again about whether you are investing in the right things.
Even if just one of these points applies to your organisation, then you should review your benefits and make sure your employee value proposition is something which can really stand you in good stead in a competitive jobs market.
I am sales and marketing director at employee benefits provider Edenred, you can find more insight and research on our dedicated e.hub at www.edenred.co.uk/ehub or follow me on twitter andy_philpott.