WHO DOESN'T LOVE A WORK PERK?
Not many people funnily enough... so it's crucial to get your employee benefits strategy right!
A survey by Zoro.com revealed that 72% of employees would experience greater job satisfaction if benefits were offered.
You may already have a programme in place, but perhaps you aren't getting the results you want? Or maybe your company is growing, and your goals have changed?
Whatever has prompted you to look for a new employee benefits provider, there are several important considerations to make, the first being the efficiency of the programme and the accessibility of the platform. You don't want to take on cumbersome manual tasks or overload your HR manager with unnecessary approval processes.
To help you make the right choice, we've highlighted the key things you should pay attention to when choosing your next employee benefits provider. Let's get started:
ask yourself: "what goals are you trying to achieve?"
Each business has its own specific reasons for implementing a benefits programme.
Of course, the primary motivator is to build a happy, stable, and productive workplace culture; but to do that, you may need to bring a few areas into balance first.
Start by outlining your objectives. Which of these challenges are you aiming to tackle with your benefits programme:
- Lower the level of absenteeism.
- Improve your employees' quality of life.
- Boost productivity and engagement in your organisation.
- Increase retention and reduce staff turnover.
- Attract better talent and higher calibre employees to the business.
All of these goals are achievable with the right rewards platform and programme.
Remember, however, that in order to establish whether your efforts are moving you closer to your targets, you'll need a partner that can demonstrate return on investment (ROI). Goals have to measurable, and the platform needs to have the features that allow you to tap into this information.
ask yourself: "How diverse is your workforce?"
Larger organisations tend to have a broader range of demographics. When choosing your rewards and recognition partner, you'll want to make sure that they can cater to your unique audience.
What motivates some individuals may not be as enticing to others.
For example, private healthcare may be more important to older members of your team. In contrast, younger employees may be inspired by the prospect of longer holidays and the option to purchase additional days off.
Physical location is also a factor to consider.
If your company branches out across different geographic locations, there may be limitations to how you can deliver your benefits. And of course, let's not forget remote employees – your programme will have to include them too.
With an online rewards platform that seamlessly connects your employees, you can provide instant rewards such as vouchers and discounts that are relevant for the recipient. An experienced benefits partner will take a close look at your company's demographics and requirements to strategically tailor your employee benefits package with the rewards that appeal to your people.
NEXT: future proof your choice
Your new programme will likely be rolled out in phases. Phase one will probably tackle on-boarding and engagement. But what's next?
It's important to choose a programme that can scale with your business. Your SME might grow to operate from multiple locations; your targets might shift to handle unforeseen circumstances – like the current pandemic, for example.
There are times when you'll have more budget to allocate to rewards, and occasions when you'll have to give value to your employees with minimal financial impact to the business. Choosing a partner that offers flexible solutions will help you to keep on track with your engagement objectives while still maintaining a positive workplace culture.
A robust benefits and rewards partner will adapt to your needs and roll with the times. Don't settle for an out-of-the-box solution as this may only have adverse effects in the future.
ask yourself: "will i need support?"
The onboarding process is crucial, of course. But you don't want a partner who'll set up your programme then leave you high and dry to get on with it.
While many organisations choose to manage their programmes internally, they also rely on the support and guidance of their rewards partner when it comes to shifting their strategy to meet new goals, scaling or refreshing the programme to cater for the changing needs of their organisation and its people.
An experienced rewards provider will help you plan and implement your programme, offer strategic advice around the targets you want to achieve, and be on call when you need to troubleshoot.
Still with us?
To get the right outcomes, you need a specialist.
At Sodexo, our expert team have developed reward and recognition strategies that help to drive the results your organisation needs. We focus on your people, your goals, and your company culture. We'll then work with you to create a benefits programme that fits your budget and expectations.
If you'd like to find out more about industry-leading benefits for your employees, give us a call today.