Employee Benefits Presentation
Transcript of Employee Benefits Presentation
Contents
An Overview of Employee Engagement
Key areas to consider with Reward Strategy and Employee Engagement
Why and how has the world of Employee Benefits evolved over recent years
Deciding what to offer your employees
Making sure that the communications approach is right for your business
Measuring the success of any Employee Reward and Recognition Scheme
Questions
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Why should you consider employee benefits as part of the engagement question
Only 33% of employees are believed to understand the value of benefits
Of these 67% of these employees undervalue benefits by over 2/3’s
9% of employees say they have no idea the value of their benefits
Only 21% of employees say they have access to CCV’s – 82% of companies offer CCV
Only 27% of employees say they have healthcare benefits when 57% actually do
Research shows that only 9% of employees have access to total reward statements
Research shows that only 11% of employees have Flexible Benefits
Only 15% of employees believe they can influence benefits
Only 12% of employees would recommend their company. 4 years ago it was double this
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Key areas to consider with Reward Strategy and Employee Engagement
Business Strategy/ Reward
Strategy
Clear Objectives and measures
of success
Participation and Involvement ofManagers and
Employees
Ensure time for training andcommunication
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Why has the world of employee benefits evolved over recent years
Competitiveneed
The cost of benefits to organisations
(Return on Investment)
Desire to create an understanding, appreciation, and value by organisations
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How has the world of employee benefits evolved over recent years
The impact of the close of many Defined Benefits Schemes
The increase adoption of Salary Sacrifice benefits Schemes
The desire of employers to start to offer flexibility to their employees
The introduction of Lifestyle benefits and staff discount schemes
The introduction of Total reward as an approach to benefits
A greater focus on Communication of the offer to employees
A greater focus on measuring the Return on Investment of benefits
The increase in the use of employee surveys to get feedback on what’s on offer
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Deciding what benefits to offer to your employees
Understand the current
position and costs
Ensure you understand
the needs and requirement
of all stakeholders
Agree priority benefits and
budgets
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Make your employees money go further
£2000 + a year savings. That’s a 7.5% pay rise on the average salary. (£539 per week according to office of national statistics)
Making your employees money go further
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The recession has seen more employers use the tax and NI savings from flex to fund business initiatives and additional pension contributions
A four stage approach
Stage1: Listening & Understanding - Employee research (online survey; focus groups; social media forum) can be used before or after any of the stages during the programme.
Stage 2: Switch & Engage – a programme designed ensure existing employees are enthused and engaged about the evolving and developing service
Stage 3: Launch & Engage – engage the wider employees launching an enhanced level of information and support including an enhanced Flexible Benefits service offering
Stage 4: Involve, Build & Engage – an on-going programme of communication and engagement with existing employees and employees who have not participated
Measuring the success of any Employee Reward & RecognitionScheme
Staff Survey Analysis
Business Performanceimprovement
Cost measurementand savings
Summary and potential next steps for you
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Build a case for Total Reward as a good basis for increased understanding
Use Total Reward to market the organisation as a great place to work
Introduce Flex to get employees involved in understanding benefits
Communicate Total Reward and Flex to demonstrate you value your employees
Train and encourage managers to be conduit for communication and engagement
Lots to think about.....
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Where do I start
Are we inline with private sector
Are we offering best practise
What financial benefits can our employees gain
How do we administer it
How do we communicate to
everyoneWhat can we offer
Is there any budget
What financial benefits can we
gain
What do our employees want
Thank you
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Find out more
Access the latest thinking on Rewards & Benefits - ehub.edenred.co.uk
Attend a free Benefits Workshop - flex.edenred.co.uk
Talk to us about how we can help & arrange a demo