Health and wellbeing is a key part of any employee rewards package. The challenge for many employers, especially when major external events such as the coronavirus create economic uncertainty, is to ensure that your employees are protected.
By providing the right level of practical and emotional support, you also protect your business and its performance. Today more than ever, employers are finding that they need to have a wider range of benefits in place that cross the generational boundaries to retain and attract the best people. Put simply, your reward strategy is no longer just about pay.
What benefits should be offered?
The range of benefits you offer should not only contribute towards providing additional rewards to employees, but they should also improve their wellbeing and encourage the development, values and skills that a business needs to thrive.
A good benefits offering does not need to be expensive to implement. Benefits such as retail discounts are relatively easy, cheap and quick to implement and provide an immediate boost to the employee’s salary.
Wellbeing benefits such as employee assistance programmes (EAPs) and health cash plans are also inexpensive, but help to ensure the welfare of your workforce. At a time of great uncertainty due to the coronavirus, the support provided by an employee assistance programme and other health benefits can give great reassurance to all employees. The management of stress and anxiety is key in maintaining productivity as well as your employee’s health and wellbeing, and so it should be a key driver in your reward strategy.
Bringing clear value to your workforce
The most commonly cited employer objective influencing pay and reward policies is the need to attract, recruit and retain employees to support current business strategy (CIPD Report on Reward Management December 2019). The ability to host all the benefits provided by an employer on a benefits platform such as the Smart Hive will help with the communication around their value and provide the means for your workforce to easily access them.
The range of benefits provided to staff is key, as they must help to promote work-life balance and be seen to support employee wellbeing. A benefits platform will also provide you with the means to send out regular content and updates to staff, even if they are out of the workplace, through remote devices. The increased access and communication ability helps to raise the level of staff engagement and through this, you will motivate and incentivise desired behaviours and encourage good performance.
Benefits have a key role supporting businesses in lifting employee productivity and can massively impact business results. Keep up to date with the latest developments in the employee benefits industry by updating your employee reward schemes regularly. With the correct communications strategy and the correct platform, you can support your workforce in providing a thorough health and wellbeing strategy.