There has been a lot of talk recently about Employee Value Proposition (EVP), and quite rightly so. However, regarding the benefits aspect many employers think that their employees automatically know what it includes, and even perhaps, how much they are worth. Let me ask you, if you carried out a quick poll with your employees, hand on heart, how many would know what their complete package is worth?
You can have the most fantastic benefits and rewards package going, but if no one really understands it, or even know it exists, they won’t make use of it. Of course, your employees will want to know how valued they are, and that the information they were told at interview is reality. I say that, but of course this message should be one that starts long before interview stage, making sure that all your communication has the same message; helping create a positive working environment, a great culture and a place that your employees are your best advocates and ambassadors.
Putting this into context, research carried out by Oxford Economics and Unum, reported the average cost of turnover per employee (earning £25,000 a year or more) at a staggering £30,614! However, get it right and you’ll find your attrition rates will improve, as well employee morale, well-being and efficiency (to name a few) will be positive.
HR and recruiters, alike, are reporting on how important employee benefits are to those looking to change jobs. Many organisations are having to relook at their benefit strategy to remain competitive and have that edge in attracting new employees.
One big winner is to include a Total Reward Statement as part of your HR strategy, but first you need to make sure that the benefits you are offering are right for your employees – are they out-dated, are they relevant to your complete workforce? Employees wants from their benefits package will undoubtedly change and you need to make sure that you are offering them alternatives to suit their current needs.
For a confidential chat about the help and advice we offer regarding Benefits and Rewards, along with Total Reward Statements, please call us on: 0203 475 2270 or if you prefer here’s a link for our easy to use Contact Form.