If you are looking for success in offering social benefits to employees, you should look in two directions: first is adaptation to people’s needs and second is considering your organization’s values. Only then you will be able to get maximum value and turn your colleagues into brand ambassadors. Still, very few companies have managed to achieve it.
Let’s take a look into 5 key steps towards a success in an organization’s benefits strategy.
1. Evaluation of the current situation
How satisfied are employees with what they currently get? Which are the most and the least popular benefits? How do you compare with your competitors in terms of benefit offerings? To answer these questions, you can use internal or external research. You might be surprised to find out that often employees are unaware of the entire package of benefits you offer to them as an employer.
2. Define your purpose
What do you aim by offering additional benefits? Do you want to increase your people’s motivation, to strengthen your employer brand or to become better at attracting, engaging, and retaining talents? “Why?” is a good question ask yourself first.
3. Set clear goals
Looking for 100 new IT specialists? Or for decreasing employee turnover with 10%? Or a decrease in sick leaves? Or maybe becoming an employer of choice for Z generation employees? Attach your goals to your social benefits strategy and you will soon notice the results. Set realistic and achievable goals based on internal research and on the sector, which you operate in.
4. Action Plan
How are you going to achieve your goals? Do you need an entire change in the social package you offer to employees, or just some slight adaptations? Does you package need more options and flexibility or does it need to be digitized to improve its usability?
Get rid of the outdated approach. Begin with your employees’ desires and needs and consider what they might need in future. Create your benefits package on the bases of the benefits pyramid to strengthen your positioning as an employer. You could emphasize on a topic that is of value for your organization such as green energy or sustainable transportation.
5. Proper Communication
Even the best benefits package is of poor value unless people know enough about it. Tailor a communication plan and choose the right channel and target audience to raise awareness about your offerings. Be aware which of your employees follow your intranet and which prefer to get messages on their mobile phone. Instead of sending endless and boring emails to everyone, target your communication to specific recipients and make sure they get it. Discover the topic that is most interesting and engages all your people: some might be interested in healthy lifestyle while others would prefer to join a charity campaign or invest in a retirement fund. Do not forget to track these on a regular basis.
After taking steps to implement your strategy it will come the time to evaluate the results. Have you achieved your goals? Are your social benefits being used more? Are your talents happier and more satisfied with their job? Ask your vendors for additional metrics and keep reviewing them at least once per year.
According to the pyramid of benefits, on the basis lay the most important ones expected by people, such as retirement and health insurance and sports coverage.
In the middle are situated social benefits which are more considered as recommended, rather than must-have by employees. Examples are food vouchers or discounts for certain products or stores.
On the top of the pyramid are the so-called X-Factor benefits which give any organization the chance to stand out as an employer. These are unique benefits which are often related to one specific organization which becomes one of the first to offer them.