Employee benefits package – are you getting it right?

A successful program can work wonders for both employer and employee

Employee benefits package – are you getting it right?

Employee benefits are a powerful tool to attract and retain the best talent, especially in a post-pandemic world.

When done well, a successful benefits package will help employees to feel supported, valued and protected – and it isn’t just about increasing what’s on offer.

In a time when purse strings are tight and pay rises may be off the table, many businesses are grappling with the challenge of maintaining employee engagement while balancing the bottom line.

Speaking to HRD, Evan Smith, employee engagement consultant at Reward Gateway, said the pandemic has shifted priorities for both employer and employee.

“COVID-19 made it clear how much employees depend on employers to provide quality communication and practical support during times of crisis,” he said.

“Now, the challenge for many organisations is how they use a limited budget to broaden their offering and provide a holistic benefits package that encompasses financial, mental, physical and nutritional wellbeing.”

Read more: Should you pay your employees to quit?

In an upcoming webinar by Reward Gateway, experts will explore this challenge and many others as they discuss the trends behind leading benefits packages.

They will also share key principles to designing impactful programs to suit the needs of an increasingly remote workforce.

While developing your offering is one thing, Smith said improving accessibility is another key aspect.

“With more people choosing when and where they’re working, it’s really important to integrate your benefits resources into their workday so they can get the information they need when and where it suits them,” he said.

“Instead of housing information about benefits on an intranet that employees can only ever access while logged onto your infrastructure, giving them - and their families - access to something, like employee discounts, in the very moment they’re paying for their groceries, petrol or online shopping increases their usage and also creates talkability for you as an employer,” Smith said.

As HR leaders continue to map out their new world of work, it’s clear that employee expectations have changed.

Job security is now a much stronger driver for jobseekers after the uncertainty of the last 12 months.

Read more: Should you cut your employee benefits program?

Employers are also now being looked upon to provide tangible, practical support for employees, across many different aspects of wellbeing.

From helping their money stretch further to providing resources to support mental health, a holistic offering has never been more important.

“More than anything, these past months and the conversations around employee benefits show me we are entering an inspired age for HR,” Smith said.

“More businesses are looking for ways to show their people they matter and that they’re engagement is worth investing in. Our tools to support this have helped these inspired HR leaders reward employees, not just for business outcomes, but for the journey to get there.”

To learn more about designing a successful benefits package, register for Reward Gateway’s upcoming webinar.

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