Do you have a strategy in place for employee benefits in your organisation? If you answered no, you’re not alone; more than half of the HR managers who participated in Sweden's largest benefit survey, Benify Score, answered no this question. However, as many as 76% have made changes to their benefits offering over the past two years.
Research for our Benify Score survey revealed that more than 70% of the survey’s top performers say they operate according to a benefits strategy and more than half of the top performers say they review their benefits offering at least once a year.
Can Benefits Improve Workplace Happiness?
Our data reveals a clear correlation between benefits satisfaction and workplace engagement. Workplaces with low benefit satisfaction are likely to suffer from poor engagement, while, unsurprisingly, workplaces with high benefits satisfaction are likely to experience corresponding levels of high engagement.
Our results show that employees at organisations with a benefits strategy are:
• 20% more satisfied with their benefits
• 19% more convinced their benefits are better than other workplaces
• 14% closer to their employer’s brand
There are many reasons for employers to implement a benefits strategy. Here are three of them:
1. Better Control Over Costs
Different suppliers, different systems, benefits added or removed, all without anyone having a clear overview of the offering. Sound familiar? Probably. Does this approach sound cost-effective? Hardly.
If your benefits offering is too difficult to grasp for you as an employer, it’s likely the same for your employees. As a result, employees spend unnecessary time and energy looking for information or take up valuable time from HR with questions about their benefits.
2. Stronger Employer Brand
What values are important to your organisation, and how are they reflected in your benefits offering? There are many strong indications that having the right values is becoming increasingly important to current employees and those currently on the job market, the least not Millennials and Generation Z who are more likely than older generations to change jobs for better employee benefits.
For company values to be seen as credible, and not merely nice words, they need to permeate throughout the entire organisation, including the benefits offering itself.
3. More Satisfied Employees
Does the offering in your organisation match what your employees actually need and want? The results from Benify Score are clear: employers who follow a benefits strategy have employees who are more satisfied with their benefits and more likely to see themselves as positive ambassadors of the employer brand. And as every organisation knows, it pays to have happy and engaged employees.
So, how satisfied are your employees with their benefits? Are they even aware of your benefits offering? What characterises a strategically designed benefits offering? What is your overall purpose for offering benefits? These are just a few of the questions you should be asking yourself.
Need help getting started with your employee benefits strategy? Be sure to download Five Tips for a Successful Benefit Strategy - absolutely free.