New thinking to help you reshape employee benefits & rewards
When it comes to attracting, retaining, and motivating talented people, nothing beats compensation, benefits and rewards. Get the package right for job seekers, and it becomes a major drawcard for attracting top talent. Get the package right for existing employees, and it provides the foundation for motivating, retaining, and fully engaging your staff.
None of this is new. So, when it comes to benefits and rewards, you may feel that you already have all bases well and truly covered.
But, how confident are you that your employees would recommend your company based on the value of your benefits and rewards package?
An employee-centric approach to benefits & rewards
It’s incredibly important to take a customer-centric approach. This means designing your benefits and rewards with your employees, for your employees.
For many organisations, this is an entirely new approach. In the past, most employers simply formed a view on how to reward employees, and made it happen.
These days, how you design, deliver, and communicate benefits and rewards is just as important as the benefits and rewards themselves. By involving your people in developing your offerings, you can be sure that they have real value to your employees.
Support employee needs
If you want to attract and retain the best people, you need to ensure your benefits and rewards meet the needs of current and potential employees. This includes caring for their financial, physical and mental wellness.
Think about how your employees manage the stress of an always on, always connected world and working lifestyle. To cope better, employees place a high value on benefits and rewards that focus on helping them organise their busy lifestyles.
Think about how your employees manage their finances and get ahead, particularly living in Australia’s capital cities where the cost of living is more expensive than ever. Benefits and rewards around financial literacy, saving for the future, discounted home loans and insurances are likely to be very well regarded.
Think about how lifestyle–related diseases are increasingly common across Australia. Benefits and rewards around healthy eating and nutrition, exercise, and wellbeing fill an urgent need across all age and socio-economic groups.
If you fail to offer these kinds of benefits as part of your package, then you’re clearly missing a big opportunity to help your employees where it matters most.
Build flexibility into rewards packages
Taking an employee-centric approach, you can maximise the value your organisation and your employees get from your programs. Focus on:
- Rewards that matter to employees: Identify the top drivers of attraction, retention and engagement, and shape your employee reward strategies around them.
- Prioritise program delivery: Communicate clearly about how rewards are determined, and ensure managers have the resources, tools and training required to engage with their teams.
- Maximise impact: No matter how enticing your benefits may be, their impact will be considerably reduced if your employees don’t understand the value and how to make the most of them.
- Get your internal communications right: You need to mix digital with more traditional communications. Plan a tactical campaign before launch, and to support ongoing communications via digital marketing or other internal employee communications platforms. Consider using offline marketing techniques, as well such as desk drops to ensure everyone gets the message. Remember, posters are good for generating general awareness, but use digital communication for passing on more detailed information.
- Adopt a more holistic view of benefits and rewards: Don’t limit the definition of benefits and rewards. By being more expansive, you can enhance their perceived value. Consider including:
- Learning and development opportunities
- Career paths and mentoring
- Discounted home loans, car leases, personal insurances and so on, to help your employees’ salaries go further.
Of course, for all the points raised above to hit the mark, you need to ensure you align your employee benefits and rewards program with your business strategy.
As a HR professional, take a good look at your benefits and rewards program and see whether it truly reflects the needs of your employees. Then, get to work on creating a holistic package, delivering and adapting benefits and rewards that help your organisation stand out from the crowd.
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For more reading on benefits and rewards, download our Employee Benefits Report. Published in collaboration with CEB’s International HRD Forum, this report offers exclusive insights on employee benefits benchmarking, with inputs from nearly 100 multinational organisations based in Australia.
Ready for a better way of delivering employee benefits and rewards? Book a demo of Flare HR’s integrated HRIS, Benefits & Rewards and Financial Wellbeing platform. It’s designed to help you transform your benefits and rewards program so you’re better able to meet the financial, physical and wellness needs of your current and future employees.
Get started! Book your free demo today.