‘Employee benefits’ is a diverse and broad topic that can increase productivity, engagement, and the bottom line of a business.
As an employee, one of the first things that come to mind is what your employer is doing for you. The workforce DNA is changing, as are their objectives and the employee benefits package they demand from their employers.
Many employees are satisfied with their workplace, but many are dissatisfied with their employee benefits package.
Why Is A Good Employee Benefits Package Important?
While employees are focused on finding an affordable employee benefits package that suits their specific needs, businesses must address those needs while keeping company finances, compliance, engagement, and productivity in mind.
Did you know:
50% of employees say they would take a different job if it offered better employee benefits, proving that they are a top priority for employees.
The challenge is, how can you go beyond a traditional employee benefits package to develop a comprehensive benefits program that will attract and retain top talent while increasing productivity?
How To Improve Your Employee Benefits Package?
Take a look at some of our expert-approved methods to improve your employee benefits package.
Talk To Your Team
When attempting to improve your employee benefits package, the first step should be to consult with your team.
If you don’t know what they want, you won’t be able to deliver it successfully. Consider holding a group meeting so people may share their thoughts about what they want.
Is it flexible working or work from home? What about life insurance or health insurance? Or do they require a personal loan right now? Speak with them to learn what they want.
Focus On Employee Wellness & Work-Life Balance
Discuss work-life balance with coworkers one-on-one. Does your workplace follow an “always-on” culture?
Managers are frequently the first point of contact for employees who are experiencing anxiety, overwork, or stress. However, this does not mean they can handle the subsequent communication as well.
Consider training for managers and individuals in senior positions on how to support people suffering from mental health issues. A study of NHS Trusts found that those that used strong people-management techniques the most were more than three times as likely to have the lowest levels of sick days.
Explore Unique Employee Benefits
What distinguishes you as a company that provides regular healthcare and retirement benefits? As the workforce evolves, you must equip your employees with something that protects and provides for them as well as for you.
Develop a one-of-a-kind employee benefits package, including financial planning and consulting services, that is genuinely relevant in these challenging times.
Did you know:
Nearly 60% of employers believe that financial “illness” contributes to employee absenteeism, whereas 71% of employees name personal finances as their major causes of concern.
The more confident your employees are in their financial management, the more engaged and productive they will be at work. Consider adding some optional add-ons that give employees a sense of choice and freedom, such as health insurance or employee personal loans.
Create A Positive Work Environment
Employee happiness stems from a single source: a great culture.
A few key elements underpin the development of a positive and healthy atmosphere for your team. Our expert-approved tips on the aspects of a strong workplace culture come down to six crucial features:
- Caring for, being interested in, and being responsible for coworkers as friends.
- Giving one another assistance, especially kindness and respect when others are in need.
- Avoid blame and be willing to forgive mistakes.
- At work, trying to inspire one another.
- Emphasizing the significance of the work.
- Show respect, gratitude, trust, and integrity to one another.
Customize Employee Benefits To Meet Employee Needs
Your wellness program should include perks and employee benefits that correspond to the interests and needs of the people that comprise your actual workplace. Because no two employees are the same and have the same demands, 93 percent of employees desire the opportunity to tailor their employee benefits package.
As Baby Boomers prepare to retire and Millennials (and soon Gen Z) take over more and more of the workforce, it is critical to cater to their demands. Perhaps one group is more interested in investing, whereas another might like paid maternity leave or an alternative flexible work schedule.
Communicate Employee Benefits Effectively
Determine who in your organization is a best fit to explain benefit options, recommend new benefits, and provide information on existing benefits. Most likely, it is HR who does most of it!
Inquire with coworkers about how they like to be contacted about their employee benefits package. What about face-to-face? Email? Print outs? Your communications plan must be adaptable enough to meet the needs of all members of the staff.
Measure engagement in all forms of communication to ensure that your employees receive the messages loud & clear. This could be through email open rate analytics or anecdotal evidence in one-on-one conversations.
Create an environment in which employee benefits are a normal, acceptable aspect of the job.
How Zimyo Can Help?
If you’re struggling to keep up with the ever-changing market of employee benefit packages, or you’re looking to support your employee benefit needs, we’d love to help.
Zimyo specializes in helping businesses of all sizes with employee benefits & HR solutions, offering trusted guidance to a sometimes overwhelming process. Get in touch with us today so we can get to know your business!
Also Read: Employee Benefits: A Comprehensive List Of Stats 2021