Successful employee benefits programmes are designed around – you guessed it – your employees.
Two obvious tell-tale signs indicate whether your programme is a success:
- You have a productive and engaged workforce.
- The employee benefits programme is creating enough ROI to fund itself.
The public sector could be one of the biggest winners when it comes to implementing well-engineered employee benefits programmes. This is because 68% of public sector organisations report that budgetary constraints strongly influence their decision to purchase wellbeing benefits.
Yet, it is precisely this part of the labour market that often needs the most support.
HR managers in those types of environments are burdened with the task of making employee benefits schemes as cost-free as possible, whilst also making a genuinely positive impact on the employee's life. No simple task, but one that can be overcome…
How can you provide an employee benefits programme that everyone can take advantage of?
To answer this question, here's a quick overview of how we helped Sandwell Metropolitan Council (SMC) tackle this challenge in their own organisation.
Our specialist team was tasked with creating a cost-neutral programme that would give SMC employees access to a wide range of useful benefits.
The platform had to incorporate benefits that would appeal to over 4,500 individuals from diverse and multi-generational backgrounds.
The goal of this project was to generate substantial savings for both the Council and its employees.
Step one: We spoke about the existing benefits platform directly to SMC's employees. Our intention is always to get to the heart of what's working and what isn't.
Step two: By understanding the needs of Sandwell's employees, we were able to recommend a new, tailored selection of benefits that would improve their user experience. This made the programme much more accessible and practical.
Step three: We implemented the programme which included exciting benefits such as lifestyle discounts, cycle-to-work schemes, and annual leave – to name a few. We then reviewed the outcomes to ensure that the new employee benefits platform was helping SMC to achieve its targets – and the results were certainly impressive!
- Staff have saved over £300,000 in total since the launch of the new employee benefits programme.
- Sandwell Metropolitan Council has seen an ROI of £200,000 from savings made on National Insurance payments.
- The scheme has not only entirely funded itself, but the surplus has been reinvested in other key HR initiatives.
Why it pays to implement cost-free employee benefits
Providing a scheme that offers a wide range of discounts on everyday expenses such as grocery shopping, utility bills, commuting costs and holidays can be hugely advantageous to public sector employers. This is because non-cash incentives are proven to help organisations improve both their staff retention and attract top talent when recruiting.
Employees welcome lifestyle benefits because the cost savings can be felt almost immediately. It’s these types of initiatives trump the traditional cash bonus – which is often either not guaranteed or only given once a year.
These initiatives show an authentic effort on your part, as an employer, to enhance the wellbeing of your workforce and demonstrate that you are actively thinking of ways to support and improve their quality of life. A pay check simply cannot provide the same emotional satisfaction.
Interested to see what a cost-neutral employee benefits package would look like for your organisation? Get in touch via the link or form below!