Are you looking to make the most out of your benefits? As an employer, you invest time and money in providing a benefits package to attract the best possible talent to your organisation. And then you experience low take up rates and you wonder why do you bother?
In a world of convenience and easy access to information 24 hours a day, an employee benefits platform can be the best way of reaching your employees and building engagement.
How do you reach your employees?
It is recognisably difficult to communicate to all your employees through one communication channel. An ‘all staff’ email has limited reach to those who may not be sat at a computer all day, and for those who tend to be busy and may overlook internal emails.
By analysing how you communicate with your employees against take up rates of your staff benefits, you should be able to identify if there is an issue.
How do you currently organise your benefits?
Are all your benefits in one place? Or do your employees need to speak to HR in work hours for some and go to a supplier’s website for others? This can be very confusing for both the HR team and all the employees. No wonder take up rates are low!
A benefits portal can house all your employee benefits, HR policies and procedures all in one place. Not only does this dramatically reduce the administration for your HR department, it also makes it easier for employees to see exactly what you are offering, and more importantly, how to sign up for benefits.
But is it really worth the investment?
Increasing take up on employee benefits such as salary sacrifice schemes can make them better than cost-neutral, meaning big savings for the employer. Off-setting the potential savings against the original investment shows that launching an employee benefits platform can make perfect sense.
It is important to add value to your benefits platform to ensure your employees access it regularly. Wider Wallet PLUS, includes lifestyle discounts covering everything from everyday shopping to holidays and household necessities. This means that the employees get payback too!
So how do I choose the right employee benefits platform?
Obviously budget is key; however there are some important features that should be considered. Firstly, look at your employee demographics. Ensure the platform you choose is accessible 24/7, giving your employees the flexibility to browse your benefits package away from the stress of the working day. Not only should the platform be accessible 24/7, but also from home computers, mobiles and tablets. Giving employees this flexibility will improve take up rates.
Building trust and ownership of the platform will encourage employees to use it. Ensuring data security gives you and your employee’s peace of mind. Branding the platform with your company branding, and selecting benefits that meet the physical, emotional and financial requirements of your employees will ensure its success.
Launching Wider Wallet Plus is the ideal time to rejuvenate your employee benefits. If you would like to find out more about launching an employee benefits portal, call Wider Plan on Call general enquiries: 0800 612 6110 or email Email our new business team: firstname.lastname@example.org.