There are many facets to preparing a design for an optimum employees benefits program. Below are a few tips that will help you stay ahead and relevant –
- Aligning the employee-benefit strategy with the overall business objective of the company. You need to periodically revisit the benefits strategy to ensure that it supports business priorities and evolves with time as regulations and employee requirements change.
- Aiming for consistency across regions while maintaining relevance to local factors. In a multi-cultural organization differences among regions can be synchronized as long as they have strategic commonalities which support the underlying ethos and principles of the company.
- Providing core security with increased choice at the hand of the employee. Health insurance, life insurance, and pension income fund are the core benefits that should be available to all employees for financial security. Once the core benefits are in place, employers can offer add-ons tailored to the employee’s career stage, responsibilities, and aspirations to choose from.
- Design should ensure that employees are educated about the benefits program. You need to convey to them how it fits in with the company’s goals and rewards policy. Once employees start to appreciate it, their relationship with the company will grow stronger, and will ultimately increase the value of the program for the company.
- Deliver high-performing programmes by the following ways –
- Including best practices based on research into employee behaviour
- Using technology for cost-effectiveness and richer employee experience in delivering the programme
- Using data analytics to enhance decision-making and performance tracking.