Employee Benefits Strategy: A Streamlined Solution
1 June 2023
Are you researching what employee benefits to offer to your workforce? One tip from us... go streamlined! Read on to discover how to embed a streamlined solution that gives your people more of what matters and opens up a world of opportunities for your business.
When you look up the dictionary definition of the word ‘streamline’, you'll find a variety of definitions, many of which we can apply to this blog, such as “To change something so it works better” or “To make a process simpler and more effective…” Cambridge Dictionary
When it comes to employee benefits, we need to be careful when addressing the idea of ‘simpler’ because, applied incorrectly, it could have an adverse effect. For example, a one-fits-all approach may be the simplest way to build your employee benefits package, but it’s not effective, sustainable, and is unlikely to yield positive results or a return on investment.
An individual approach
We interviewed 500 HR professionals and 2,000 employees, and what we discovered solidifies the importance of an individual and personalised approach to your employee benefits offering.
Age, gender, and industry are just three areas where you’ll see a difference in opinion on what employee benefits matter, but there is so much more to consider.
Here are some of the results we found...
Our male respondents were three times more likely to use a Cycle to Work scheme and a gym membership-related benefit.
- 17% of our female respondents made use of eyecare vouchers as opposed to 13% of males.
- 24% of our female employee respondents said they used retail discounts, compared to 15% of males.
Our earlier research found that only 11% of employees made full use of their employee benefits as an overall average. However, when we look at employees in the 65+ age range, 16% make full use of their employee benefits.
Regarding gym memberships, the average usage was 6% overall. However, when reviewing the 18 to 24 age group only, that figure becomes 16%. This group also makes better use of retailer discounts and employee cashback schemes, with 38% engaged with those benefits, compared to an all-age group average of 27%.
62% of our employee respondents working in retail made good use of retail discounts or cashback.
- 20% of our healthcare employee respondents said subsidised food and drink was the most financially beneficial employee benefit - 6% higher than the cross-industry average.
These statistics alone highlight why it’s essential to consider your workforce's individual needs when planning your employee benefits offering. A blanket policy is ineffective. Run surveys with your people to discover what employee benefits will positively impact their lives in the workplace and beyond, and use the data to design and deliver a bespoke employee benefits offering.
Review & assess
Gathering employee feedback should be a continuous exercise. Through regular surveys, you’ll be able to discover the following:
- Are your employees engaging with their benefits package?
- Is communication effective?
- Is your employee benefits strategy sustainable in the long term?
Regularly reviewing your employee benefits package is the best way to future-proof your employee value proposition (EVP) and ensure your business and people are getting the most from it.
Communication is as essential to a streamlined process as choosing the right benefits. Your engagement levels will increase when your employees understand what’s available and how and where to access their benefits.
Regular and proactive communications can be planned and streamlined within other internal messages, which is less disruptive than when managers and HR representatives have to answer ad hoc questions from employees needing direction and support.
Choosing the right employee benefits partner
The employee benefits industry is busy. You’ll see an array of solutions available to you - it can feel like you’re spoilt for choice.
As one of the organisations operating in the employee wellbeing and benefits industry, we recommend getting as much information and having as many conversations as possible.
Our top tip: dig deep.
Whether in the public or private sector, your department will be allocated a budget, and from what we’ve found, they're getting tighter. Our research revealed that 57% of HR professionals feel pressured by senior leadership to cut down on employee benefits.
Ensure you know what’s included and where additional charges lie because once a budget has been agreed upon internally, getting unexpected costs approved later can be challenging.
Housing employee benefits in one place is vital in creating a streamlined employee benefits strategy.
From a communications perspective, your business only has to point employees to one location and provide one unique login and ID. As for your employees, accessing all their benefits in the same place makes their lives easier, increasing uptake and making your benefits more cost-effective.
Some employers postpone streamlining their employee benefits offering until the contract/s they have with their current provider is due to end. There’s no need to delay. Our Employee Benefits Platform can seamlessly integrate with your current offerings as well as bring something new.
Account management & marketing support
86% of our clients have told us that having a dedicated account manager makes things so much easier, and 90% tell us that the communication they receive from their account manager is “amazing.”
At Pluxee UK, we have a marketing team dedicated to engaging your employees with their benefits, keeping them updated on the newest retailers, special offers and top deals. Our team ensures your people have every possible chance to stretch their salaries and make savings.
They’re also on hand to run roadshows encouraging employees to sign up to the platform and utilise their benefits. Right now, they’re promoting a fantastic giveaway - a chance to win a magical trip to Lapland worth £5,000! Reach out to your account manager to find out more.
Pluxee UK is a trusted partner to over 5,000 customers, and for over 60 years, we’ve been committed to helping you help your people. Arrange a call today to discover how we can streamline your employee benefits strategy, making it more cost-effective, user-friendly and sustainable in the long term.