MT Expert's Ten Top Tips: Get Employee Benefits Right

Want to give your workers a little bit extra, but not sure how? Lisa Gregory explains...

by MT Staff
Last Updated: 19 Aug 2013
A recent survey has suggested that thanks to rising inflation, low interest rates and high levels of unemployment, employee morale is at an all-time low. With this in mind, many companies are looking for cost-effective and efficient ways to attract, retain and engage their staff. For many, that takes the form of employee benefits, but how do companies ensure they select the most suitable scheme?

Lisa Gregory, CEO of Stormchild Ventures, gave us her top tips on how to ensure your benefits scheme is a success:

1. Find the right provider
Getting value for money is vital. Search for a provider that is willing to go the extra mile and develop innovative solutions that are best for the culture of the company, rather than just selling you ‘off the shelf’.

2. Think about employees’ wants and needs
Search for benefits, which will help your employees in times of need. Generally one size does not fit all so your solution should include various benefits – for example, discounts and flex-benefits.

3. Ask your employees what they would really like
There is only one way to find out which benefits your employees would really like: ask. Carry out a survey or ask for suggestions/priorities to be selected from a list of options.

4. Avoid a ‘them and us’ mentality
Gone are the days of just the top-level management receiving benefits. Select a scheme from which everyone  benefits, regardless of their role.

5. Communicate
Effective communication is key in ensuring that employees are aware of the benefits package on offer. Ensure your communications are targeted and relevant using multiple channels or media to reach your employees. An email or intranet banner is generally not enough.

6. Review & adapt
Refresh the scheme annually and replace benefits which have not achieved a large take-up. Review your scheme with your service provider quarterly to monitor usage, and plan activities to increase take up.

7. Knowledge goes a long way
Ensure employees understand what is on offer, and how benefits can help them by educating them on salary sacrifice, and how much money they could save by utilising the tax breaks and schemes available.

8. Get personal
Employees want to be rewarded and recognised on an individual basis. Include a range of benefits, which have a number of suppliers to choose from so there’s something for everyone.

9. Create positive word of mouth
Positive word of mouth is the most effective form of marketing, so establish advocates for the scheme and encourage the workforce to engage with their colleagues, highlighting the benefits available.

10. Be creative
There is a wide range of benefits and schemes available, so be creative in how you package your scheme and the way in which it’s communicated. Create positive messages for employees to show how the company is considering their wellbeing, as well as being proactive in listening to feedback.

- Lisa Gregory is the CEO of Stormchild Ventures, one of the UKs newest Loyalty & Reward platform providers.  For more information, please visit: www.stormchildventures.co.uk

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