Perception or Reality - Are You Getting Value From Your Benefits Package?

Submitted by Mark on 04th March 2014

Reward Management - Benefits Package

It is common in business for a generous benefits package to be offered to managers. But have you ever thought what value you are getting from what is often a significant expenditure and what is your objective in providing a benefits package? Perception of value is often at odds with the reality of the situation and the answer is in your hands.

It is always useful to list the benefits you provide and then rank them in terms of value for different age groups. Also analyse the uptake amongst your management population. Will the same level of importance; and therefore value, be placed on Pension by a younger manager than a more mature member of your team? The same question could be applied to private medical insurance and death benefit. Will the same type or brand of car appeal to all Company car drivers in your business? Companies often spend considerable amounts of money and time promoting benefits that end up with a minimal uptake from eligible staff.

So what should we do about this situation?

All businesses should regularly review the benefits they provide. The key questions should be:

Are the benefits you provide valued by your workforce?
Are the benefits attractive to your target market for recruitment?
Are the benefits effective in helping you to hold on to your key staff?

Once you have answered these questions you can move to the punch lines.

How could you use the benefits budget more effectively to achieve your business goals?
How do you demonstrate and sell the value of the benefits package to your workforce?
How can you build flexibility to give a perception of value to all?

If you want to explore the effectiveness of your benefits strategy and understand how to align benefits with your business goals call me on 01604 763494 or fill in the contact form.

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