How to develop a responsible benefits strategy that really resonates with employees
But while many businesses offer a range of benefits, it’s important to go beyond a blanket offering and look to offer benefits and initiatives that will genuinely aid employees. With 74% of employees stating they want benefits that meet their individual needs (according to Met Life’s Re:Me research), it’s clear the time for a one-size-fits-all wellbeing solution has passed.
Find out what matters to your employees
To make informed decisions you’ll need to be aware of what issues are currently impacting your employees. One of the most effective ways to identify key themes is simply to ask your people what they are. This can be done via regular and anonymous surveys, which will provide you with real-time data and honest opinions around areas such as pay, learning and development and benefits.
An Employee Assistance Programme (EAP) also provides valuable data, which will help identify priorities and suitable solutions for your employees. EAP providers are often able to share anonymised data about the types of support that has been requested as well as identified themes, such as mental health or financial issues.
A responsible strategy will go a step further than providing information or generic support. If your employees are concerned about physical fitness and nutrition you could look to offer gym discounts and webinars on nutrition and exercise. These benefits will help them to proactively manage this aspect of their lives. Alternatively, if career progression and training is a theme then it may be worth investing in management, ensuring staff have the knowledge and tools they need to support their desired career path.
Encourage engagement with effective communication
Providing information through the most effective channels is essential for building and maintaining employee engagement. This will help employees better seek out the support and information they need. The 2021 CIPD Health and Wellbeing Report found 67% of employees are keen to engage with health and wellbeing initiatives because this provides them with the information they need that will increase engagement and provide a positive return for the business.
Channels such as email or an employee portal can be helpful in reaching your entire workforce, but it can often be overlooked, or viewed as a box-ticking exercise. Creating dedicated content around the themes that matter to your employees is a good option. This could include creating webinars or having expert speakers. Both can go a long way to inspiring your employees take action and actually make use of their benefits. Don’t forget, benefit providers can often support you in creating marketing materials to support these activities.
Evolve your offering
The needs and concerns of your employees will continue to change in response to what happens within their own lives, as well as external factors like the pandemic. The importance of mental and financial wellbeing has been highlighted as a result of lockdown, with employees now looking to their employer to provide appropriate benefits and support.
Taking the time to do regular ‘pulse checks’ by collecting management information (MI) and feedback from your people will empower you to make the right decisions for your business. By making this an on-going activity, you’ll be able to benchmark the results against previous months to identify if your activities have been successful. Then you can adapt your plans as necessary.
What next?
Ensuring your reward strategy has a responsible approach at its core should be a priority for any organisation looking to support their people in the best way possible (and see a worthwhile return on their investments). By using the tools available to your organisation, and regularly reviewing your activities and their success, you’ll be able to identify key issues for your employees. This will allow you to seek out the most effective solutions and communicate them in a way that will have the greatest impact.
This article was provided by Simplyhealth.
In partnership with Simplyhealth
Our health plans make it easy for people to maintain their health&wellbeing.
