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Employee benefit trends that should be part of your 2020 strategy

Over the last decade, employee expectations have changed dramatically. How?

Although salary remains important, offering a competitive employee benefits package works to attract and retain employees. By providing employee benefits that are unique, effective and in-sync with your employee’s personal needs and goals, you stand out from your competitors and portray your business as an attractive place to work.

With employees working longer than ever before, and more millennials entering the workplace, the employee benefits landscape is adjusting. In order to stay ahead of the curve, you should consider the following trends as part of your 2020 employee benefits strategy:

 

A holistic wellbeing strategy

With employees working longer than ever before, health has become a much more significant factor in the workforce. However, this isn’t just about physical health.

Although employee benefits such as private medical insurance and gym discounts support your employees with their physical health, stress levels are on the rise (Forbes). Incorporating a holistic wellbeing strategy that accounts for this as well as bringing together financial wellness and other wellbeing factors is imperative.

In 2020, you must zoom out and capture a full picture of how your benefits will fit into employee’s larger wellness targets. In treating wellbeing with a multi-faceted approach, your business can reap far greater rewards.

After all, employees are the driving force for your business success, and without employee benefits that support your workforce, you may struggle to retain them. A high turnover rate caused by a lack of employee engagement may impact your business reputation, making it difficult for you to attract new employees in the future.

 

Gathering quantifiable data

Gathering data on how your benefits are perceived, accepted and used by employees is central to the success of your benefits program. However, despite the clear advantages of a data-driven benefits program – such as higher engagement – many companies across the UK refrain from gathering this information.

This is something that will change over 2020, as more business realise the impact of data-driven decisions. With data providing you with access to information that helps you make informed decisions about your employee’s wellbeing; you gain valuable information about what type of benefits you should be offering. You can then incorporate this into your reward strategy, which in turn benefits employee satisfaction within the workplace.

Online platforms such as the Smart Hive allow you to do just that. Your employees can see the full range of benefits you offer as well as access to a list of benefits that are available but not offered. Staff are then able to request information about what benefits they are interested in. This reduces the legwork for you – you know exactly which benefits excite your workforce and you can implement them into your offering as you see fit.

 

Educating your employees

Having an expansive and comprehensive benefits package is pointless if your workforce does not know about it. Communicating effectively and educating your workforce about the benefits you have on offer is an important trend for 2020.

Online platforms such as the Smart Hive allow you to communicate all the benefits you provide to your employees easily and efficiently. Employees can see exactly what benefits you are offering, and the latest discounts and deals they have access to. Not only this, the platform acts as a message board and pushes out communications from the business. Find out more about the development of employee benefits.

 

Busy Bees Benefits

Benefits aren’t just about ticking the right boxes. Your employee’s needs are constantly changing and as such, so is the employee benefits landscape.

Keep up to date with the latest trends in the employee benefits industry by updating your employee benefits regularly. This way, you can maximise attraction and retention within your business and strengthen your business reputation.

Find out more about how Busy Bees Benefits can revolutionise your employee benefits packages on 0330 333 9100 or email information@busybeesbenefits.com.