According to the Employee Benefits Trends Study 2017 by MetLife UK, 55% of UK workers say they highly value the benefits they receive at work – a 25%
According to the Employee Benefits Trends Study 2017 by MetLife UK, 55% of UK workers say they highly value the benefits they receive at work – a 25% increase from the same survey in 2015.
Encouragingly, 52% of business owners now understand the personal financial pressures on their employees – and this is prompting them into action.
Not just for current subordinates, business owners are also utilising benefits packages in the recruitment process with 73% promoting their additional bonuses while hiring – compared to just 61% in 2015.
It is wise for business owners to consider what financial perks they can offer their employees, as just 39% of workers currently believe they are paid fairly for their job, but on top of this, now is the time to really promote employee benefits.
- Provide easy access. This information should be easy for the employees to access using the aforementioned outlets—at their convenience—at the office or home. The company’s intranet and/or website should be captivating and easy to navigate. It also helps to have a one-stop benefits portal through your online enrollment system. This landing page can provide FAQ’s, employee benefit summaries, and sort out a lot of uncertainty.
TMobile’s USA Benefits Hub is a bright space that makes understanding and being aware of benefits easy. Quick links and punchy graphics, combined with a range of YouTube videos and advice makes the benefits seem even more exciting and valuable.
- Individualize the plans. Employees are looking for customized plans, so it is vital to make them aware of the company’s varied offerings. A one-size-fits-all approach will not work here, since each employee is at a different phase of his or her life, and therefore has different needs. Take a proactive stance in providing plans employees can customize.
Santander offers a comprehensive list of benefits that they allow employees to choose from. Some are funded by Santander, while others are available at a discounted company rate or with an exclusive rate negotiated directly with the suppliers.
As well as health and wellbeing benefits, including medical cover and assessments, pension and share schemes they also give focus to helping with day-to-day expenses, such as childcare costs, groceries and shopping.
- Ensure complete understanding. Not every employee is going to absorb and retain benefit information the same way. An employer must not lack of awareness and education keep the employee from purchasing benefits. Use a combination of print, email, social media, website, and face-to-face meetings to ensure that employees clearly comprehend what options are available to them, what each plan covers, and how he or she can select the plan that is most beneficial. Use simple, straightforward language in all communication methods.
As well as a full website detailing the benefits package, all new starters at Teva are given information regarding the benefits package upon starting with the company. They also receive log in details to their “Your Choice” website where they can find more information.
- Advertise in a public forum.
Don’t just shout internally about your benefits – take it online so potential employees can see what you offer.
Shoosmiths advertise their benefits online and they sound highly appealing. Calls to action show what to expect at interview and also give more details on the company, ethos and their packages, which includes a Birthday day off with a £50 voucher to spend as well as discounted conveyancing and legal advice.
- Lend a hand. An insurance specialist should be available to answer any questions employees may have about the benefit packages and provide support throughout the entire process, or a site should help tackle those FAQs.
Example: Georgia State University
Georgia State University have a full page dedicated to explaining their benefits, alongside common FAQs for eligibility, the site also compiles effective dates and rules around changing benefits.
- Use social media. Do not underestimate the power of social media in the business world. Use social media platforms to remind employees about enrollment deadlines, share tips and tricks, and inform them about upcoming benefits fairs.
UHG are the absolute kings in this space and use Facebook to speak to current and prospective employees, with quotes, links, live chats and videos all keeping readers informed around benefits and development.
- Extend ongoing support. A majority of employers believe that the open enrollment period is the only time to educate employees on benefits packages. This is simply not true. Continue to offer additional information over the remainder of the year. If an employee gets married, has a baby, or falls ill, circumstances will change. Offer education and support year-round to ensure awareness.
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