Research from the University of San Diego suggests that through email, the internet, television and other media, we are presented with around 100,500 words a day or the equivalent to 23 words per second. That’s a lot of information to take in!
As one Forbes article writes, “Digital technology has evolved at a far quicker rate than the physical evolution of the brains we use to decipher and put it to use. Our brains aren’t built to cope with the ever-increasing volumes of data we are trying to cram into them”.
In today’s fast-moving, ever-changing digital world, the only way we can cypher through all the information is through personalisation and relevancy.
A Deloitte article called A shift toward tailor-made rewards discusses how despite the fact many leading organisations are aware that a personalised global benefit solution is essential for attracting and retaining talent, many organisations still fall short with outdated rewards programs.
Organisations that personalise their benefits and rewards programs and offer flexibility on an individual level have a huge advantage in the talent market. “Our view is that a system that offers a variety of rewards and a way to personalize them is the only structure with the required flexibility to meet the diverse needs and desires of today’s variegated workforce. Talent today wants a custom rewards experience that reflects how they live, work, and communicate—not a one-size-fits-all approach rooted in the past”, Deloitte shares.
Taking Things Personally
It has become apparent that employers need to provide employees with personalised employee benefits and rewards. Think about whenever you’re listening to Spotify or watching a film on Netflix - every time you log in, the experience is personalised based on your viewing or listening history or preferences. Your dashboard is unique. Why shouldn’t rewards and benefits programs offer a similar experience?
Allowing individuals to choose their own employee benefits through their personalised Benify employee engagement platform not only results in greater benefits usage and benefits satisfaction, but also demonstrates that you, as an employer, know, understand and care for your employees.
Take, for example, AstraZeneca - one of the world’s largest biopharmaceutical companies and one of the most popular hubs for talent. As a large multinational company operating in a highly competitive industry, AstraZeneca made the decision to invest in an employee engagement platform and benefit administration system
to help manage and personalise its benefits offering.
Ulf Holmgren, Regional Benefits Lead at AstraZeneca, shares: “Through the Benify portal, they can choose what they’d like. For example, they can buy more vacation, invest it in their pension or withdraw the money in their next salary payment.”
It’s clear that AstraZeneca prioritises employee experience and takes care of their employees. “I think we’ve done well; it feels like our employees know we want the best for them”, Holmgren adds.
How To Personalise Your Employee Benefits Program
Here are 4 ways you can introduce personalisation into your employee benefits so that your offering appeals to every employee:
1. Flexible Benefits Plans
With four generations working side by side, each with their own preferences, it is a challenge for companies to meet the needs of every employee. However, with a flexible benefits plan and Benify’s benefit administration system, companies to do exactly that.
Whether it’s the ability to choose a preferred supplier (e.g. for healthcare or childcare services) or the ability to choose which insurance or pension they want, giving your employees choice and flexibility to make their selections through their employee engagement platform allows them to personalise and fully utilise your global benefits offering.
2. Choose Your Own Reward
Deloitte explains in an article how one consulting firm in Europe allows new employees to choose from a range of rewards options when they accept an employment offer. For example, the new hire can choose salary or stock options, an extra week of vacation or higher pay – all handled through a benefit administration system.
3. Flexible Budgets
Introducing a flexible budget model with a pre-determined amount for each employee allows employees to spend their budget how they want.
In 2017, Benify, as an employee benefits platform provider, teamed up with mobility provider Athlon in the Netherlands to offer a new, flexible benefit, which allows employees to distribute their mobility benefit according to their personal needs and preferences.
The benefit provides employees with a yearly commuting budget to cover the costs of employees’ transportation. Markus Kullendorf, co-founder of Benify, shares that this budget model “takes a popular benefit and infuses it with the flexibility that we have come to learn employees really want. For example, with an employee living close to work, he or she may opt to cash in his or her mobility allowance or spend just some of it on train or bus tickets; as the employee’s situation changes- moving to a suburb or needing a family-sized car, for example, the benefit can be applied to meet new needs.”
Benefits enrolment can be done quickly and easily through a benefit administration system, which automates enrolment and reduces paperwork.
4. Allow employees to select their own Christmas gift
Instead of giving every employee the same gift at Christmas time and simply hoping for the best, select a pre-determined amount and allow each employee to choose from a range of options - pre-selected by you - the gift that most appeals to them.
Whichever of the above you decide, remember personalisation equals relevancy, and relevancy leads to greater satisfaction and engagement.
Want to know which are the most desired employee benefits? Download the Top 10 Employee Benefits right here!