As consumers we have become accustomed to expecting personalised experiences. From being able to choose more than just the colour of your car, to ordering your triple, venti, soy, no foam latte! So why not personalise your employee benefits?
Data driven benefits and engagement
Employers hold huge amounts of employee data. You know when someone joins your organisation, receives a pay rise, has children, turns 50 years old and so on. This data can help you segment and target employees to take timely and beneficial actions – especially when these individuals are too distracted by their daily life.
In fact, 66% of employees want communication at milestones such as salary reviews, promotions and passing probation, but only 24% of employers provide them1.
Research shows that the largest factor influencing employees’ perception of benefits is convenience, with 68% of employees wanting to access all of their benefits from one place1. But providing a complete view of their benefits and rewards in one place can be more than a convenience. It can help your employees to make better informed decisions about their benefits, which can also help to take care of their physical, emotional and financial wellness.
Total reward statements and regular communications can also help your employees to see and value your investment in their benefits, resulting in an engaged and motivated workforce. And this means a more productive business. Indeed, firms with engaged employees enjoy 87% less staff turnover and staff take fewer sick days2.
Consider the use of technology
Technology, such as benefits management platforms, can help to personalise your benefits programme to your workforce and maximise your return on investment. It enables you to offer more to your staff with greater control. Giving you the freedom and flexibility to manage your employee benefits securely in one place. Valuable management information can also help you to measure the effectiveness of your reward programme so you can continuously review it and ensure that your staff remain motivated and engaged.
It’s time to make personalisation a priority.
1Thomsons Online Benefits, UK employee Benefits Watch 2016/17
2Mercer – Why good health is good business
This article first appeared on jelf.com https://www.jelf.com/articles/how-personalisation-can-benefit-your-employees-and-your-business/