How personalisation can benefit your employees and your business

As consumers we have become accustomed to expecting personalised experiences. From being able to choose more than just the colour of your car, to ordering your triple, venti, soy, no foam latte! So why not personalise your employee benefits?

Data driven benefits and engagement

Employers hold huge amounts of employee data. For example, you know when someone joins your organisation, receives a pay rise, has children, turns 50 years old and so on. This data can help you segment and target employees to take timely and beneficial actions – especially when these individuals are too distracted by their daily life to recognise that they need to do so. In fact, 66% of employees want communication at milestones such as salary reviews, promotions and passing probation, but only 24% of employers provide them1.

Research also shows that the largest factor influencing employees’ perception of benefits is convenience, with 68% of employees wanting to access all of their benefits from one place1. But providing a complete view of their benefits and rewards in one place can be more than a convenience. It can help your employees to make better informed decisions about their benefits, which can also help to take care of their physical, emotional and financial wellness.

Total reward statements and regular communications can also help your employees to see and value your investment in their benefits, resulting in an engaged and motivated workforce. And this means a more productive business. Indeed, firms with engaged employees enjoy 87% less staff turnover and staff take fewer sick days2.

It’s more than just a pension

Employee benefits are far more than just a salary and a pension. The right programme can help you attract new talent to your business; improve the physical, emotional and financial wellness of your staff; motivate, engage and retain your staff; and, drive productivity to make your business money. Research shows that 38% of employees say having customised benefits would increase their loyalty3. But how do you decide what benefits to include in your strategy?

Using your employee data to review the demographic of your population is a good start. Depending on factors such as age, dependants and where your employees are on their career journey will impact the value they place on different benefits. Understanding that journey and the employee benefits that can support them will help to drive an effective and engaging reward programme. For example, a Generation X employee will often value security. So, providing peace of mind that they, or their dependants will be taken care of with group life insurance or income protection should appeal to them.

Consider the use of technology

Technology, such as benefits management platforms, can help to personalise your benefits programme to your workforce and maximise your return on investment. It enables you to offer more to your staff with greater control. Giving you the freedom and flexibility to manage your employee benefits securely in one place. Valuable management information can also help you to measure the effectiveness of your reward programme so you can continuously review it and ensure that your staff remain motivated and engaged.

It’s time to make personalisation a priority.

1 Thomsons Online Benefits, UK employee Benefits Watch 2016/17
2 Mercer – Why good health is good business
3 MetLife UK Benefits Trends Survey 2017
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Employee Benefits Insight

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