Plus side to a tailored & flexible benefits package
It is becoming increasingly common in the workplace to see up to four generations of people working together side by side. All four generations have different needs and wants from a company benefits scheme depending on their age, interests and hobbies and commitments outside of work. Yet companies continue to reward all members of staff with a one size fits all benefits package.
Certain members of staff will be more interested in gym membership, discount vouchers or the option to lease a car. Some may prefer the option to simply be able to buy and sell their annual leave allowance.
A number of HR professionals are concerned that this increases their workload. Actually the opposite is true. The companies that Anderson Young recommend take the entire workload away from you and handle all of the administration and agreements on behalf of the employees.
Their sophisticated systems allow the HR professionals within the business to focus on the more strategic aspects of their role as opposed to booking services for company cars or cancelling gym memberships!!
Recent research shows that a tailored benefits plan not only increases the value of the rewards package you offer but also boosts employee engagement as they gain personalisation and ownership of their benefit package.
In a survey carried out by Employee Benefits Magazine and sponsored by Towers Watson, the following was found:
54% of survey respondents report that flexible benefits improve the image of the organisation.
56% suggested that the benefits plan improved their recruitment and retention of talent.
58% of respondents said the plan had been effective in improving employee engagement, rising from 53% in last year’s survey and 41% the year before.
With economic indicators becoming more positive and the potential to see staff turnover increase, improving employee engagement is a key strategy for most HR departments and CxO level executives. An increase of 17% more employee engagement in 2 years is an incredible statistic.
Summary of benefits:
Improvement in employee engagement
Employee has complete ownership of their benefits package
You become a more appealing employer to join
You become a more appealing employer to stay at.
Zero impact on your HR department.
Allows your HR department to focus on more strategic issues
Online portal with your company branding
Substantial cost savings in Tax and National Insurance payments
The reasons above should be enough of an incentive to contact Anderson Young and allow us to discuss this key strategy further. Contact us on 01276 478940 or firstname.lastname@example.org.