15 Apr 2021
There is something very satisfying about setting out objectives, and never more so than when setting out objectives for your business.
The next step is to make sure that every aspect of running your business is aligned with those objectives. And that includes reward and remuneration packages: one of the biggest costs for any business, and all the more reason to ensure they support your objectives.
Controlling costs is important for every organisation, and particularly so this year.
Many companies will be starting their recovery from the pandemic, and as the government job retention scheme and support ceases, ensuring value from all spend is going to be crucial.
Now is the time to review which benefits are highly valued and highly utilised and a priority. But that’s not the end of the job. The next stage is to see if there are any cost-savings to be had. Talk to specialist advisers that have good relationships with providers and know how to broker a good deal for their clients. Products and propositions are enhanced all the time, and what was good value for your business in the past, might not be today.
Added-value benefits has become the hot topic in the world of employee benefits. Access to employee assistance programmes; support for nutrition, health and fitness; 24/7 access to GPs are all benefits that were historically bought standalone. Today they’re often provided at no extra cost within other employee benefits.
We find that many companies don’t know the detail of what they have access to within their existing offering. A good employee benefits consultant can tell you what added-value benefits you have, what you should be entitled to and – possibly most importantly – what you may be paying for twice. Now is not the time for superfluous spend.
Grow the business
Many companies will look to grow their business this year. This might be via new product development, building client relationships or finding new routes to market. And they’ll be on the look-out for specialist talent that can deliver on this. That specialist talent might well be used to, and expect, a certain reward and remuneration package.
Gone are the days when a high salary was enough to attract the best. Today, people that have the pick of the jobs are savvy. Your company will be judged on culture, approach and values. The employee benefits you offer are a tangible way to demonstrate your values. Benefits that support financial, physical and mental wellbeing will go a long way to help you get your first-choice hires.
It can be really helpful to benchmark your industry, and others, so you know what benefits you need to offer.
Some of these benefits might be high-ticket, so even more reason to ensure you get specialist advice on the value for money these provide.
Other benefits will cost less than you might think. Group life assurance, cash plans, employee assistance programmes are some of the most valued employee benefits available, and some of the best value too. But they’re not all created equally. Specialist advice will ensure the spend is wise.
Retain your talent
Retaining your staff is equally important to build a solid business. With remote working and disparate workforces, keeping staff engaged has been a challenge. This will result in people looking for grass that’s greener.
The first step is to understand your staff and what benefits they’d value. Look at your employee demographic, consider staff surveys, understand the utilisation of current benefits.
It’s also important to ensure the benefits you offer are appreciated. It can be a great help to make use of providers’ and advisers’ communication programmes to explain the detail of the benefits and how to access them to engage your staff.
Make employee benefits work for you and they can play a key role in helping you achieve your business objectives.