How a well thought out benefits scheme can drive employee engagement

Contents

An Overview of Employee Engagement

Key areas to consider with Reward Strategy and Employee Engagement

Why and how has the world of Employee Benefits evolved over recent years

Deciding what to offer your employees

Making sure that the communications approach is right for your business

Measuring the success of any Employee Reward and Recognition Scheme

Questions

2

An Overview of Employee Engagement

3

Why should you consider employee benefits as part of the engagement question

Only 33% of employees are believed to understand the value of benefits

Of these 67% of these employees undervalue benefits by over 2/3’s

9% of employees say they have no idea the value of their benefits

Only 21% of employees say they have access to CCV’s – 82% of companies offer CCV

Only 27% of employees say they have healthcare benefits when 57% actually do

Research shows that only 9% of employees have access to total reward statements

Research shows that only 11% of employees have Flexible Benefits

Only 15% of employees believe they can influence benefits

Only 12% of employees would recommend their company. 4 years ago it was double this

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Key areas to consider with Reward Strategy and Employee Engagement

Business Strategy/ Reward

Strategy

Clear Objectives and measures

of success

Participation and Involvement ofManagers and

Employees

Ensure time for training andcommunication

5

Why has the world of employee benefits evolved over recent years

Competitiveneed

The cost of benefits to organisations

(Return on Investment)

Desire to create an understanding, appreciation, and value by organisations

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How has the world of employee benefits evolved over recent years

The impact of the close of many Defined Benefits Schemes

The increase adoption of Salary Sacrifice benefits Schemes

The desire of employers to start to offer flexibility to their employees

The introduction of Lifestyle benefits and staff discount schemes

The introduction of Total reward as an approach to benefits

A greater focus on Communication of the offer to employees

A greater focus on measuring the Return on Investment of benefits

The increase in the use of employee surveys to get feedback on what’s on offer

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Deciding what benefits to offer to your employees

Understand the current

position and costs

Ensure you understand

the needs and requirement

of all stakeholders

Agree priority benefits and

budgets

8

What are organisations offering today

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Make your employees money go further

£2000 + a year savings. That’s a 7.5% pay rise on the average salary. (£539 per week according to office of national statistics)

Making your employees money go further

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The recession has seen more employers use the tax and NI savings from flex to fund business initiatives and additional pension contributions

Why should you consider Flex

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Why should you consider Flex

13

How many organisations offer Flex

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How much should you offer?

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How are Flex schemes run

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Get the right balance

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Making sure the communications approach is right for your business

A four stage approach

Stage1: Listening & Understanding - Employee research (online survey; focus groups; social media forum) can be used before or after any of the stages during the programme.

Stage 2: Switch & Engage – a programme designed ensure existing employees are enthused and engaged about the evolving and developing service

Stage 3: Launch & Engage – engage the wider employees launching an enhanced level of information and support including an enhanced Flexible Benefits service offering

Stage 4: Involve, Build & Engage – an on-going programme of communication and engagement with existing employees and employees who have not participated

Communication is key

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Make sure the communications media is effective

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Measuring the success of any Employee Reward & RecognitionScheme

Staff Survey Analysis

Business Performanceimprovement

Cost measurementand savings

Summary and potential next steps for you

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Build a case for Total Reward as a good basis for increased understanding

Use Total Reward to market the organisation as a great place to work

Introduce Flex to get employees involved in understanding benefits

Communicate Total Reward and Flex to demonstrate you value your employees

Train and encourage managers to be conduit for communication and engagement

Lots to think about.....

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Where do I start

Are we inline with private sector

Are we offering best practise

What financial benefits can our employees gain

How do we administer it

How do we communicate to

everyoneWhat can we offer

Is there any budget

What financial benefits can we

gain

What do our employees want

Success

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Thank you

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Find out more

Access the latest thinking on Rewards & Benefits - ehub.edenred.co.uk

Attend a free Benefits Workshop - flex.edenred.co.uk

Talk to us about how we can help & arrange a demo