- With organisation-wide changes, leaders must assure employees that they are part of the company’s future
- Amidst change, transparency is key and helps develop trust and feelings of inclusion
- Make employees aware of their full compensation value, outside of just salary
- Employees who are aware of their total compensation are 14% closer to their employer’s brand
When Greek philosopher Heraclitus wisely said that the only constant is change, perhaps he was referring to business.
Today, more than ever before, change is constant in the workplace. From organisation-wide changes, transformational changes, acquisitions, mergers, restructures, personnel changes, and technological changes, change is everywhere.
Unsurprisingly, any change to business directly impacts the company’s employees. One Business Daily article, which found that company changes such as restructuring, budgetary modifications, or new leadership, “can lead to employees who are overly stressed, have less trust in their employers and have a greater desire to find new jobs.”
The article also points out that employees who are impacted by change are more than twice as likely to suffer from chronic stress. In fact, 55% of employees who experienced recent or current change report prolonged stress.
Make Employees Feel Valued
With organisation-wide changes, it can take some time before improvements can be seen. During this time, leaders must assure employees that they are part of the company’s future and that each employee is valued.
Making employees feel appreciated and aware of their value is vital. To do this, companies would be wise to show its employees the true value of their compensation package.
In other words, in addition to salary, what benefits does your company offer its employees to support their health, financial wellbeing or work-life balance? From pension and insurances to discount public transport, lunch subsidies, and training passes – the value of one’s compensation package really adds up.
Transparency Creates Trust
Amidst change, transparency is key. Transparency helps develop trust, creates feelings of inclusion and reassures employees that they are part of the company’s vision.
Today’s employees demand transparency from their employer and employees that work for companies which are transparent have greater trust for management, are more committed to the organisation and are more connected to the employer brand.
Benify’s benefit administration system is one such way companies can increase transparency and create greater employee awareness around benefits and total compensation. A benefits administration system allows companies to package and present their benefits offer to their employees in a smart, convenient and attractive way.
Best yet, when an employee logs into their portal, they see benefits and other employment information tailored specifically to them. Personalisation positively affects the employee experience and demonstrates a greater sense of understanding each individual.
For multinational companies, Benify offers a global benefit solution, which allows HR professionals to manage their global workforce from a single global benefit platform.
Underestimating the Value
Unfortunately, our 2018 Employee Happiness Index reveals that an alarming 80% of employees underestimate their total compensation. In other words, most employees are missing out on an important part of their compensation and unaware of their true value.
Employees who are aware of their total compensation reported to be 20% more satisfied with their benefits and 19% more convinced their benefits are better than other workplaces.
Creating Awareness and Appreciation
In times of change, feelings of appreciation cannot be overstated. Our data shows that employees who are aware of their total compensation are 14% closer to their employer’s brand. This is extremely important when it comes to retention.
By making employees aware of the true value of their compensation, thus appreciated, employees are less likely to feel stressed amidst change. One of the best ways to make employees aware of their full compensation value is by using an employee engagement platform to provide employees with a visualised monetary breakdown of their salary, benefits, pension and insurances.
Another advantage of a benefit administration system is the level of self-service it offers employees. Employees can browse, select and enrol in benefits directly from their employee engagement platform.
Take for example, Adecco in the Netherlands - in addition to regular vacation days, they offer employees a so-called 13th-month benefit. Through their employee engagement platform called ‘You’, employees can nominate to use this 13th-month bonus payment as extra vacation days, exchanged for profit-sharing, or paid out in part or in full.
While change is inevitable, it needn’t be scary. There are many ways to embrace and support business change and creating appreciation and awareness through benefits technology is one of them.
Want to read more about Adecco’s success with their benefit administration system? Download our free client case!