This component aims to diagnose the competitiveness of the various benefits programs offered by your organization, and their ability to attract and retain talent.
DID YOU KNOW? Our global benchmark data shows that the Theme– Automation and Administration of Benefits Processes contributes the most in percentage terms, towards building the overall Effectiveness of the component. So do you have the efficiency with technology solutions to implement your benefit policies and processes?
The diagnosis will help you identify the extent to which the benefits that form part of terms of employment in your organization are effective in attracting and retaining employees. While some of the benefits may be mandated by regulations, we can help determine the need for the non mandated benefits in light of the demographic composition of your employees, competitive scenario and association with your employee value proposition.
Our framework to evaluate effectiveness of benefits:
Benchmarking & solution building
Practices globally indicate that benefits, apart from the mandatory benefits, are being attuned to allow employees to exercise choice as per their needs instead of “one size fits all” approach. Lifestyle benefits are trending up to attract and retain younger generation. Benefits involving use of organizations assets by employees have become less relevant given the changes in tax regulations in some geographies. Clearly it varies by industry but workforce diversity is also steering thinking around creating inclusive benefit policies.
Our deliverables include:
Benefits Strategy & Programs
- Assess the effectiveness of current Benefits Strategy and Programs through Industry Benchmark Surveys, Voice of Employee Surveys, Focus Group Discussions, Stakeholder Interviews
- Design Benefits Strategy aligned with the organization’s reward philosophy, competitive market best practices and employees and stakeholders feedback
- Develop Benefits Programs around what your workforce will value including what is legally mandated ,
- Develop Change Management and Communication plan for execution
- Support in execution of Benefits Strategy and Programs linked to measurable outcomes
- Evaluate the impact of Benefits Strategy and Programs on employee engagement, retention, individual and team performance.