What Makes Employee Benefit Programs Successful?

October 28th, 2009 in category: Case studies

Successful Employee Benefit Programs

The increasing cost of employee benefits and the shortage of qualified and skilled resources are the two biggest global human capital challenges organisations believe will impact them in the next three years, according to findings of Aon Consulting’s 2008 Benefits and Talent Survey.

Given the current economic climate, finding a way to improve the value of employee benefit programs without a significant increase in costs is a major hurdle for corporations in addressing these challenges.

Recognising this, organisations should change the way they approach employee benefits to maximise the value to their employees. Below are key factors for success for any employee benefits program.

 

Keys to a Successful Employee Benefits Program (EBP):

• Partnership approach with supplier: Be selective, ensure your supplier is not only delivering value to your employees but also to your company.

• Cover all the key benefit areas: A comprehensive EBP must address lifestyle, financial and health and wellbeing benefits. Education on key benefits is also critical and EBP should actively support the work/life balance of employees.

• Build in flexibility to adapt to existing and future needs: Program should interact with existing benefits, eg. super, employee assistance program, share plan. Allow for future changes or additions to the benefits. Brand the EBP – it’s yours after all.

• Communicate effectively and frequently: Engage employees on the program with a well planned communication and education strategy. EBPs work best when employees are fully aware of what is available to them and the value of the benefits on offer.

• Actively manage the program: Appoint a program champion within the company. Monitor usage and trends to measure return on investment. Regularly enhance EBP to ensure ongoing relevance.

 

 

Source: Aon Consulting Australia




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