Strategic Benefits Planning
The 2017 Employee Benefits Survey revealed that the best way to attract and maintain top talent is to improve the benefits package offered to employees. Studies conducted by Glassdoor and Gallup have even shown that 80% of employees would prefer new or additional benefits over a pay increase. Therefore, in order to stay relevant and competitive in the global job market, organizations need to focus on employee benefits. The best way to the this is through strategic benefits planning. According to the Society for Human Resource Management (SHRM), strategic benefits planning is a way to utilize employee benefits as assets and tools to support your organization’s goals and bottom line.
What Can Strategic Benefits Planning Do For Your Organization?
Other than help your company compete for and maintain top talent, being strategic with benefits can help your organization in several other ways.
- It will help improve your organization’s overall performance from the top down.
- It improves employee satisfaction, which improves the culture and productivity of your company.
- Employee benefits can get expensive, so being strategic with them will ensure you get the greatest return on investment as possible.
Communication Is The Key To Success
Even if you are successful at strategic benefits planning, you won’t see results unless you communicate these benefits with employees. There is no set way to effectively communicate with employees because every organization is different. SHRM recommends starting with analyzing your organization’s size and location, employee demographics and preferences, access to technology, and whether your employees are working onsite or offsite. From there, create a communication strategy that aligns with the cultures and values of your organization.
To learn more about strategic benefits planning and how it can improve your organization, click here!