Over the years, it has become evident that people are the most valuable asset for any business. Going the extra mile to make them happy is imperative to run your business successfully. While providing them with a competitive remuneration is mandatory, you cannot ignore the importance of employee benefits. They attract the best talent for your organization, foster loyalty of the existing employees and improve the retention rates significantly. Designing an attractive employee benefits program, therefore, does not remain a choice for businesses. Evaluating this program periodically and improving it are equally important. Here are some questions you can ask to assess the efficacy of the program right now.
Does it align with your business goals?
First things first, you need to know your current business goals and ensure that your benefits program syncs seamlessly with them. For example, you can focus on wellbeing perks such as quarterly health screening, rebate on gym membership and health insurance if you are struggling with a high rate of absenteeism in your organization. A good look at the perks offered by the competitors is also a good idea if you seem to have a high turnover rate without obvious reasons.
Do you know what the employees actually want?
Fine-tuning your offerings is all about knowing what employees really want and ensuring that you match their expectations. Conduct surveys to understand employee priorities and ensure that they reflect in your benefits program. According to experts at Shelter Bay Financial, a tailor-made program is what you need to ensure that every dollar you spend on the employee benefits is worthwhile. Create a mix that appeals to them and drives engagement and loyalty for your organization.
Is the program delivering the expected ROI?
The next obvious question to ask while evaluating the program relates to the return on investment it delivers. You will definitely have a budget and adhering to it will be your prime concern. The key lies in creating the best possible mix without spending a fortune. Create a list of mandatory and desirable benefits for the employees and pick ones that make an optimal mix without toppling your budget. At the same time, ensure that they deliver optimal ROI in the form of employee satisfaction, loyalty, and retention.
Are the employees able to understand the value of the benefits?
When it comes to ROI maximization, the plan will deliver effective results only if employees are able to understand the value of benefits it provides. This can be a challenge because several perks cannot be quantified in terms of dollars and are rather subjective in nature. Still, having a consistent communication system helps you convey this value to your workforce. The next question, therefore, should be whether you have such a communication system in place.
These questions can surely help you assess and judge the effectiveness of your existing benefits program for your workforce. And if you detect any gaps, you should address them sooner rather than later so that every dollar you spend delivers worthwhile results.