Do you need a strategy for your employee benefits?
Well, if we look at what has happened over the last decade, we often find our new conversations fall into two categories; those who have maintained the traditional three to five benefits with some features added over time and those who have engaged with new benefits but as a result have accumulated an overstuffed drawerful without a clear plan for how they speak to each other.
It does not take much to refresh your relationship with your benefits and your strategy. Time for a benefits date night?
Decide where you want to compete – compliance with legislation is not very exciting but it is still a strategy. If you are more ambitious, plant a flag that clearly marks out where you want to be.
Reconnect with your existing benefits – you will remind yourself why they exist and often be pleasantly surprised with some recent upgrades.
Cluster your benefits, both existing and aspirational, into categories that underpin your broader pay and reward ambitions – we find financial, protection, lifestyle and wellbeing work well.
Free up additional spend by looking at all the tactics that you can adopt to improve existing spend – better scheme design, removing duplication, replacing paid for items with free tools and maximising all the tax breaks available.
Boost your benefits portfolio with a range of new benefits – a combination of employer paid, copaid with employees and voluntary can result in a trebling of the benefits offered.
Then launch superbly using a combination of people and technology.