Employee benefits infographic: New research finds employee benefits are underutilised, but greater ROI can be achieved through understanding employee demands.
Employee benefits are a massive investment for employers both financially and in terms of administrative resources. They have a huge part to play in attracting and retaining talent for an organisation and for ensuring employees can give their best at all times.
However, many organisations are not achieving the return on investment (ROI) they should be. While some may have been proactive or have already optimised their benefits during the pandemic, others may be unaware of the full extent to which they are underutilised.
This infographic shows some key findings from our latest research which explored the utilisation and perception of employee benefits. It’s evident that there is a disconnect between what organisations offer, how well they think they are perceived and what their workforce actually needs. Employers risk disengagement with their employees and losing access to the talent they need. What’s more, many are unaware of this issue because they do not measure ROI on their employee benefits.
Almost half of employee benefit packages are not fully utilised and many employees are simply unaware of the benefits available to them. It’s likely that the pandemic has made benefits increasingly irrelevant and organisations are yet to catch up. There is now an opportunity for employers to make changes to their benefit schemes and realise increased ROI both immediately and in the future.
The demand for better employee benefits
Our research reinforces the fact that employee benefits had more traction and importance within business sectors where there is greater competition for talent. Benefits are often crucial in an employee’s decision to work for an employer, thereby contributing to the overall employee value proposition.
But delivering better benefits isn’t about providing more, it is about designing schemes around the individual, making greater use of technology and joining up benefits to give an efficient and effective employee experience. Getting this right improves recruitment, employee retention and productivity, delivering multiple positive impacts on a company’s bottom line.
Employee benefit packages can lose value if they don’t keep pace with the preference of the talent pool. Employers should regularly listen to employees, recognise when their demands and expectations have changed and adapt their support to ensure they achieve ROI.
Our research also identified four distinct themes that can help employers to better optimise and utilise their employee benefits. These areas were: flexibility, health and wellbeing, diversity and inclusion and digitising benefits. Taking these issues into consideration can help employers to design employee benefit packages which remain relevant and effective into the future.
