What’s stopping you from implementing an Employee Benefits Programme?
Does your company offer any employee benefits? Companies that do are gaining a competitive edge over those that don’t, as employee benefits are a key tool for attracting and retaining top talent.
That said, implementing employee benefit programmes is not always straightforward. You’ll need to get executive sponsorship for your recruitment and retention strategies; and most crucially buy in from employees and candidates.
To help, the common friction points and ways to make implementing an employee benefits programme as smooth as possible are outlined below.
Common friction points and how to navigate them
“It will cost too much.”
A common friction point many HR managers meet is the assumption that employee benefit programmes and the platform to house them will cost the company money. Employee benefits can involve an out of pocket cost, for example if your company offers life insurance for employees, however there are many employee benefits programmes available that are zero cost to the employer.
Vivup’s Payroll Pay® benefits including Cycle to Work, Bike Shop and Home Electronics are a good example. They provide employees with cost savings on a range of goods and services without the employer incurring any costs at all. Instead, monthly payments are deducted from the employee’s salary for goods that they obtain as part of the benefit.
“It will involve too much admin.”
Running an employee benefits programme internally can take time and resources depending on the nature of what is offered. Fortunately, there are many 3rd party providers who can run the benefits for your company without adding to your admin burden.
Naturally there will be some minor set up processes involved at the start, but once in place many employee benefit programmes run without any significant admin tasks. Remember too that the whole point of offering employee benefits is to help with recruitment, retention and employee engagement, any additional admin can be offset against the cost of recruitment and employee churn.
“We’ve tried this before, but no one signed up.” Part one.
Perhaps the most common mistake companies make when offering employee benefits is to provide the wrong ones. Before implementing any, it is important to understand what benefits and rewards your employees or prospective candidates will engage with.
There is no one size fits all solution. Demographics will play a part such as age, gender, marital status, interests etc.; what appeals to a Millennial at the start of their career may not appeal to a Baby Boomer on the cusp of retiring. It’s a good idea to poll your staff and get input from the start, give them the benefits they want and you’ll get buy in when the programme is implemented.
“We’ve tried this before, but no one signed up.” Part two.
Another common issue is that of communication. Employee benefits need to be promoted proactively to employees to encourage take up. You’ll need to remind employees regularly about the benefits available and choose the best way to communicate with them.
One of the advantages of using a 3rd party provider is that they can help you do this by providing content to share with employees via multiple marketing communications channels on a timely basis
“We’re not sure if employee benefit programmes work.”
Having clear objectives for the employee benefits and setting targets is vital if you want to measure success. First off you’ll need to define what those objectives are. For example, improve recruitment outcomes, reduce employee churn, increase employee engagement etc. Then, you’ll need a benchmark before introducing the staff benefits themselves
When selecting an employee benefit programme, your objectives will help you to identify the right offering. Talk to providers about the employee benefits they offer and how they have been implementing in other companies, particularly those with a similar culture to yours, and the same objectives. Their experience will help you decide whether a specific scheme is a good fit for your company.
Vivup are currently trusted by 280+ NHS Trusts, Local Authority, Blue Light and private sector organisations nationwide, supporting 1,000,000+ employees.
For further information, or to find out more about Vivup’s employee benefits offering and how we can support employee wellbeing, call 01252 784 541 or email firstname.lastname@example.org.