Why are you offering an employee benefit scheme?
To boost motivation? To attract the best applicants, improve retention and reduce staff turnover? To make sure you’re ahead of the curve if your legal obligations change?
Or maybe because you simply think that protecting (and rewarding) your loyal colleagues is the right thing to do?
Whatever your answer, the important thing is that you know how to measure the scheme’s success.
And to do that, you need a reliable way to work out employee uptake and perceptions of your scheme, as well as how it impacts on their behaviour.
Many companies simply choose and implement a scheme and consider this a fait accompli: it’s not. You need to undertake regular reviews of your scheme’s performance to check that it continues to meet the needs of your workforce.
Since most schemes are renewed annually, this gives you a natural deadline to work towards.
There are two main indicators that you should look to when evaluating your scheme: what employees do, and what they say.
First: what they do. If the scheme is optional, how many people have actually decided to take it up?
Check out your data from before and after you introduced your scheme. How do the numbers stack up for employee absenteeism? How many people have quit? And, for hard financial figures, how much has HR had to spend on short term cover, or on recruitment drives to replace the staff you’ve lost?
Secondly, ask your employees what they think of the scheme and what changes they would like to bring in. What types of cover are they most concerned about? What perks would they be most grateful for? If they’ve chosen to opt out, ask them why. Presenting these questions in a survey format can help you to quickly collate the results and spot recurring trends.
This is also a great opportunity to remind your workforce of the benefits that are on offer and to explain the details of the scheme to any new recruits.
Seeking this information “straight from the horse’s mouth”, as it were, not only saves you the trouble of second guessing their opinions, it also encourages them to feel involved in the process, which can improve motivation, highlight your efforts and help to improve uptake and engagement with the scheme itself.
Taking the time to properly assess your scheme and respond to your employees’ needs has tangible benefits for your bottom line.
In a study conducted by The Benefits Research 2013, 41% of companies said that they made changes to their scheme based on employee feedback and requests. Promisingly, over four-fifths of respondents also reported that that their benefits packages were both an effective recruitment and retention tool, compared to just 60% and 53% respectively in 2011.
Regular assessment of your employee benefit scheme, it seems, doesn’t just keep your workforce happy. It actually helps to keep you on track to achieving your business goals, making it a valuable investment for your company’s future.
Want to talk to an expert you can trust about implementing an effective employee benefit scheme? Give our team a call today.
Topics: Employee Benefits