Employee Benefits: attract, retain and improve human capital value
Employee benefits are often key to the acquisition of top talent. But as important as benefits derived by employees may be, the positive returns that good fund choices provide for employers are equally crucial. Retaining and building on human capital is essential for business growth, sustainability and brand integrity. Therefore keeping your top talent happy is integral to your business.
Today, benefits receive as much consideration as salary. Companies that include really good deals on retirement and healthcare benefits have a decided advantage over those who do not. In many instances, employees will admit they prefer to stay within their company because of the well-structured benefits packages.
Keeping ahead in a changing environment
However, if you don’t have a formal HR Department, you may be struggling to keep up with the management required to keep your benefits rewards at the top of the game. Constantly changing or adapting plans to stay current and competitive means maintaining focused and active engagement. To be prepared in a changing environment, here are some pointers:
Analysis: Keep a close check your employee benefit offerings to ensure there are no inefficiencies, and that your employees are taking up the choices that best suit them.
Education: Do your employees fully understand the advantages of the offerings? It is important for your employer brand image to ensure that employees are fully informed and able to make the best choice possible for their finances and individual circumstances.
Technology: To keep track member by member on an individual basis across a range of employees can be daunting. Make sure you keep up to date with HR administration software that will increase your efficiency and benefit your employees. Technology is there to help you with: onboarding employees; managing several different plans; developing employee benefit information; and monitoring healthcare requirements.
Appoint a specialist: Ideally, appoint an experienced person to negotiate with providers, oversee and update plans, process paperwork, and ensure that your company remains compliant with laws and regulations.
Make your human capital investment count
Whichever way you look at it, keeping your staff happy is vitally important to your business. A respected employer brand is one thing when employing people who may be attracted by reputation, but retaining people is another. Your company is your staff – and how they perform internally and how they affect customers on a daily basis can build or break your business.
As 70% of operational expenses may be taken up by your employees’ salaries and benefits, it’s a good idea to make that investment worthwhile. An employee development plan is aimed at retaining your best staff, evaluating each individual employee with regard to knowledge, skills and capabilities, and upping job satisfaction through training, engagement and improved communication channels.
- Job satisfaction: After salary and benefits, personal and professional development is key to job satisfaction. When your workforce feels that you genuinely care about their progress in the company, they are more likely to respond well to company values and standards. Greater satisfaction means greater productivity.
- Career growth: Expectations unmet can be a source of frustration for employees. Training that affords the opportunity for growth is important for workers’ wellbeing. If they feel able to advance within the company, and are motivated to do so, they are less likely to look for work elsewhere. Millennials in particular look for leadership and development opportunities. It worthwhile noting that it is costly to replace valuable staff members, so investing in a development plan for your employees makes financial sense.
- Mentorship programmes: These programmes should fit with management and staff, making sure that knowledge is passed through the company for the benefit of individuals and the company as a whole. This opens lines of communication and makes it easier to engage and nurture more effective relations. Nothing is worse than simmering resentment. Mentorship provides closer, more positive connections and communication, which in turn can increase overall performance and productivity.
- Engagement: This might sound unnecessary because you are already providing good benefits and training opportunities…but a good way of increasing engagement and honesty in the working relationship is personalising development programmes that will engage and motivate your employees as individuals. When staff feel connected in this way, they work that good feeling into relationships with customers, who in turn experience greater satisfaction when engaging with your company. And that’s a critical key for continued good business.
- Your organisational culture: This defines your company values, brand and image. If your culture is one of openness and continuous improvement – employees will be motivated to develop their careers. They will want to be engaged and contributory, thus increasing productivity, enhancing the goals of the organisation, boosting the brand, and improving the bottom line. Working for a company that understands the importance of employee satisfaction, is the real employee benefit.
Empfin Solutions – the team that keeps your team happy
We’re An Old Mutual franchise with our primary focus on advising on and servicing umbrella pension and provident funds. Always striving to be a trusted partner in facilitating financial solutions for organisations and individuals, our dedicated team of fully accredited, experienced professionals have a passion for satisfying customer needs and providing a truly client-centric service.
Find out how you can benefit at: www.empfinsolutions.com