While salary is important, employees will be more likely to stay with companies that offer competitive benefits packages. You can make your company stand out among your competitors by offering employee benefits that are innovative, effective, and in line with your employees’ personal goals and needs.
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The employee benefits landscape is changing with employees working longer hours and more millennials joining the workforce. These trends should be considered as part of your 2020 employee benefit strategy.
A holistic wellness strategy
Health is becoming a more important factor in the workplace, with employees working longer hours than ever before. This isn’t only about your physical health.
While employee benefits like gym discounts and private medical insurance can help employees maintain their physical health, stress levels continue to rise (Forbes). It is essential to incorporate a holistic wellness strategy that takes into account this, as well as financial wellness.
You must zoom in and see how your benefits fit into the larger wellness goals of employees for 2020. Your business will reap greater benefits if it approaches wellbeing in a multifaceted manner.
Employees are the driving force behind your business’ success. Without employee benefits, it may be difficult to retain your employees. Low employee engagement can lead to a high turnover rate, which could negatively impact your business reputation and make it harder for you to recruit new employees.
Gathering quantifiable data
Your benefits program’s success depends on the data you gather about how employees perceive, accept and use your benefits. Many companies in the UK are reluctant to collect this data, despite the obvious benefits of a data-driven benefit program, such as greater engagement.
This will change as more companies realize the importance of data-driven business decisions. Data provides valuable information to help you decide what benefits you should offer. This information can be used to improve employee satisfaction and your reward strategy.
Smart Hive and other online platforms allow you to do exactly that. Employees can view the entire range of benefits offered by you, as well as a list of those benefits not available. The staff can then request information about the benefits they are interested. This makes it easier for you to know what benefits are most popular with your employees and can then implement them in your offerings as you wish.
Educating your employees
If your employees don’t know about the benefits, it is useless to have a comprehensive and extensive benefits package. It is important to communicate effectively with your employees and educate them about the benefits that you offer.
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Smart Hive, an online platform that allows you to easily communicate all benefits to your employees via email, makes it easy and efficient. Employees can view exactly what benefits are offered and which discounts or deals they have. The platform can also be used as a message board to push out communications from the company. Learn more about employee benefits development.
Benefits don’t have to be about just ticking boxes. Employee needs change constantly, and so does the employee benefits landscape.
You can keep up-to-date with the latest trends within the employee benefits industry by regularly updating your employee benefits. You can increase your company’s appeal and retention and improve your business reputation.