Reviewing benefits during difficult economic times
Many SME companies are constantly reviewing their C&B strategies, trying to find a good balance between minimizing costs of employee benefits & driving productivity gains.
Benefits constitute an important component within total rewards that is often neglected by SME companies. The few SME companies that do offer benefits in order to stay competitive to retain talent seldom take the time to communicate to employees the value of these benefit programs even though it is easily quantifiable.
To realize the full potential of the SME company's investment in its selected benefit programs, it is essential that SME employees understand all that is being offered to them. The following two measures increasingly adopted by SME companies minimize costs of employee benefits yet drive significant gains in productivity.
Implementing a flexible benefits program
The expectations of different employee demographics is driving SME best employers to build more flexibility into their benefits programs. In a flexible benefits program, SME best employers provide an array of options from which SME employees can select benefits at the level of cost they are willing to bear.
To make choices best suited to meet their differing needs, SME employees need to clearly understand the nature & value of each benefit offered. When SME employees fully comprehend the value of the benefits offered, their appreciation of the investment made by the company increases significantly.
SME best employers recognize that introducing flexibility to benefits helps to improve the perceived value of their benefits program, as flexible benefits improve SME employees perception of the SME company’s chosen total rewards program.
Issuing a total rewards statement
A total rewards statement is an individualized communication that contains valued quantum of cash, incentives & benefits, including qualitative details of the program relevant to the employee, such as career movement, learning & development, recognition programs, & more.
Total rewards statements help companies communicate the value of each benefit component in a clear & concise manner. With a personalized total rewards statement, SME employees see each benefit component being provided to them as part of their employee value proposition.
The majority of SME employees regard their pay slip as their total rewards, ignoring the many other benefits offered by their company. Yet, the same SME employees view receiving a total rewards statement as beneficial to them. This confirms that issuing of a total rewards statement is an effective tool to communicate total rewards to SME employees.
An effective communication strategy helps an SME company demonstrate the value of their benefits investment to employees. A targeted strategy enables personalized communication messages to be delivered to different employee demographics, making it relevant for every SME employee.
By integrating a SME company's benefits program into a total rewards strategy, SME best employers develop a powerful value proposition for each employee so that they are aware of the true value of their benefits program. This in turn strengthens SME best employers ability to compete successfully in attracting & retaining talent.
Benefits constitute an important component within total rewards that is often neglected by SME companies. The few SME companies that do offer benefits in order to stay competitive to retain talent seldom take the time to communicate to employees the value of these benefit programs even though it is easily quantifiable.
To realize the full potential of the SME company's investment in its selected benefit programs, it is essential that SME employees understand all that is being offered to them. The following two measures increasingly adopted by SME companies minimize costs of employee benefits yet drive significant gains in productivity.
Implementing a flexible benefits program
The expectations of different employee demographics is driving SME best employers to build more flexibility into their benefits programs. In a flexible benefits program, SME best employers provide an array of options from which SME employees can select benefits at the level of cost they are willing to bear.
To make choices best suited to meet their differing needs, SME employees need to clearly understand the nature & value of each benefit offered. When SME employees fully comprehend the value of the benefits offered, their appreciation of the investment made by the company increases significantly.
SME best employers recognize that introducing flexibility to benefits helps to improve the perceived value of their benefits program, as flexible benefits improve SME employees perception of the SME company’s chosen total rewards program.
Issuing a total rewards statement
A total rewards statement is an individualized communication that contains valued quantum of cash, incentives & benefits, including qualitative details of the program relevant to the employee, such as career movement, learning & development, recognition programs, & more.
Total rewards statements help companies communicate the value of each benefit component in a clear & concise manner. With a personalized total rewards statement, SME employees see each benefit component being provided to them as part of their employee value proposition.
The majority of SME employees regard their pay slip as their total rewards, ignoring the many other benefits offered by their company. Yet, the same SME employees view receiving a total rewards statement as beneficial to them. This confirms that issuing of a total rewards statement is an effective tool to communicate total rewards to SME employees.
An effective communication strategy helps an SME company demonstrate the value of their benefits investment to employees. A targeted strategy enables personalized communication messages to be delivered to different employee demographics, making it relevant for every SME employee.
By integrating a SME company's benefits program into a total rewards strategy, SME best employers develop a powerful value proposition for each employee so that they are aware of the true value of their benefits program. This in turn strengthens SME best employers ability to compete successfully in attracting & retaining talent.