Why Employee Benefits Strategy is Important
The evolution of the workplace means that employers are expected to position to offer more than just a health care plan, including holistic benefits, resources and perks that today’s workers need the most. It’s important to stay in tune with your employees and understand what they find most valuable and necessary for their overall well-being as lives continue to be impacted by the pandemic, inflation and any other potential personal challenges.
Employee benefits play a critical role in retaining and attracting top talent, increasing productivity and high employee work satisfaction. Research done on 700 individuals by the Social Market Foundation and the University of Warwick Centre discovered that happy workers that were given perks (happiness shocks) and then tasked to perform a task were 20% more productive than the group that wasn’t given perks. This suggests that employee benefits have a strong correlation to the employee overall productivity.
There are many benefits to offering employee benefits. They can help attract and retain top talent, increase employee loyalty, and job satisfaction, and improve overall productivity. Employee benefits can also help employees and their families cope with unexpected expenses and financial challenges, leading to greater financial stability and well-being. Besides coming up with an attractive compensation package, the competition between hiring companies is heating up as they try to stand out as an employer by providing attractive and unique employee benefits.
Structuring Your Employee Benefits Strategy
An effective employee benefits strategy can help attract and retain top talent, improve employee satisfaction and productivity, and enhance your organization’s overall competitiveness. However, developing and implementing such a strategy can be complex and challenging. Here are some steps you can take to structure an effective employee benefits strategy:
- Assessing your FinTech’s needs
- Gathering the relevant information
- Communicate internally
- Determine your priorities
- Implementation and communication of strategy
- Review and improve
Assessing Your FinTech’s Needs
Before you can develop an effective employee benefits strategy, you need to understand the specific needs of your organization and your employees. Consider factors such as the size of your organization, the industry in which you operate, your budget constraints, and the demographics of your workforce.
Gathering The Relevant Information
Do a thorough research as there are a wide variety of employee benefits options available, including health insurance, retirement plans, paid time off, and more. Research the different options available and evaluate how well they align with your FinTech’s needs, budget and employer branding.
Communicate with employees: It’s important to involve employees in the process of developing an employee benefits strategy. Consider conducting surveys or focus groups to gather feedback on what types of benefits employees value most.
Determine Your Priorities
Identify priorities: With so many options available, it’s important to identify the benefits that are most important to your organization and employees. Prioritize these benefits and focus on providing them in a comprehensive and cost-effective manner.
Implementation and Communication
Implement and communicate the strategy once you’ve developed your employee benefits strategy, it’s important to implement it effectively. Communicate the new benefits to your employees and provide any necessary training or support to ensure they understand and can take advantage of the new offerings.
Review and Improve
Employee benefits strategies are not a set-it-and-forget-it proposition. It’s important to regularly review and evaluate the effectiveness of your strategy and adjust as necessary. Your FinTech can adopt a bi-annual employee survey to review the employee satisfaction to see if improvements is required to the employee benefits strategy. For employee benefits, it is extremely subjective to individual as it can be dependent on their current life cycle and lifestyle.
How Storm2 Can Help
Attracting and retaining talents are no longer solely based on the attractiveness of your company’s financial remuneration. Understanding your employees’ needs and motivation can help your FinTech navigate this challenging hiring landscape.
As global FinTech recruitment specialist, we aim to help FinTech by connecting them with our wide network of top FinTech talents in the industry and guide them in curating an ideal employee benefit strategy target in attracting and retaining them. Contact us to schedule a confidential chat today!