5 Reasons to Spring Clean your Employee Benefits Package
As we start to bid farewell to winter and welcome in the longer days, lighter evenings and the odd budding daffodil, we often start thinking about spring cleaning our homes.
But what if we told you it doesn’t have to stop there?
That now is a great time to start dusting off your employee benefits package.
See our top 5 reasons why we think you need to spring into action and give your employee benefits a seasonal scrub down.
1. Shine out against your competitors
Businesses are now having to work harder than ever to attract and retain their top talent. With that ever-increasing expectation from employees, employers need to be doing so much more than just offer a competitive salary.
Understanding the competition is a good place to start; the last thing any employer wants to hear is that their number one performer is leaving to go and work for their largest competitor.
Providing a generous and meaningful benefits package that can meet a diverse set of employee needs is now a vital way for companies to stay competitive.
So, shine and buff up your ‘shop window’, show any potential employees what you have to offer. Make your business an attractive place to work, make it stand out.
2. Reach into those corners, do you have a package that suits your workforce?
As your business grows and changes, it’s only natural that your workforce will as well. Personal values and what’s now important to employees may mean your package could be outdated.
Whilst you’re dusting off the cobwebs it may be a good time to re-evaluate what is working and what is not.
Take time to understand and address the needs of your workforce, identify the culture; what are the dynamics and demographics of your employee population?
Gone are the days of ‘one size fits all’, so find out what your employees really want from their benefits package. With an extensive range of employee benefits now available to companies, it’s important to invest in benefits that employees really want and value.
3. Air your benefits to your staff
Employee benefits can only be used to their full advantage by your staff if they are aware of them. Yet 55% 1 of employers fail to have an engagement strategy in place, meaning the need to communicate what’s on offer to their employees is being hugely overlooked.
With benefits serving to reduce staff absence; build a workforce of dedicated, motivated and productive staff; and helping to make your business stand out, you’d perhaps be surprised to learn that 76% 2 of employees do not understand the total value of the benefits package their employer provides. This demonstrates a need for employers to review how they best engage their employees with their benefits.
The method you use to communicate these benefits will depend on your company, however now is a good time to review the way in which it has been done, and consider how you do it in the future.
You’ve hired the best employees; you’ve got a great employee benefits package - don’t forget to tell them about it.
4. Dust off the cobwebs
Once you take a look, the cobwebs that have built up over the winter may become all too apparent, bringing with it questions such as;
Are we with the right supplier for our needs and budget?
Are we getting the best deal?
Has our budget changed since setting up the package?
When was the last time we had our benefits reviewed?
Should we have our benefits reviewed?
Conducting a whole of market review will not only ensure you have the right benefits for your workforce, and that they are still fit for purpose, but also ensure you are getting the best deal with the right supplier for your available budget.
5. Get the cleaners in
Excellect are employee benefit experts. We can provide comprehensive competitor analysis and carry out a deep employee survey before making any recommendations; this allows you to fully understand the options available, make the right choices, and future-proof your investment.
At Excellect our commitment is to provide outstanding service for small to medium enterprises (SMEs) and corporations. We have access to the whole of the market which means we can offer a wide and diverse range of health, protection and lifestyle benefits, which are cost-effective, tax efficient and sustainable.
Unlike comparison websites, as an independent broker, we adopt a much more personal approach. We work alongside you beyond the initial setup or review of the benefits, so we can ensure they continue to meet the on-going needs of the business. In addition, with effective communication we can help you maintain high visibility of the employee benefits across the workforce to increase awareness and maximise engagement.
Taking a fresh look at your benefits package doesn’t have to mean changing everything and starting from scratch. It’s the small changes that will in the long run make the big difference. Excellect can help you make those small changes so that you have a shiny and appealing employee benefits package.
References;
1 AON Benefits & Trends Survey 2019. Retrieved from https://www.aon.com/unitedkingdom/employee-benefits/benefits-and-trends-survey-2019.jsp
2 Employee Benefits, Kate Donovan (2017, July 18) Retrieved from
https://www.employeebenefits.co.uk/staff-lack-benefits-understanding/