Benefits are an important part of the employee retention package in modern businesses. However, there is often not a one-size-fits-all scheme that helps you keep the best talent. Organizations that are able to adapt to the needs of new and existing employees are often the ones that reap the rewards in staff loyalty and increased productivity.
With the range of benefits that can be offered, the need for a system that can handle HR processes is vital. Take a look at some of the ways technology is making this easier.
Benefits packages in some companies can be confusing for employees. There are a lot of forms and requirements to meet, and some find it overwhelming. In some cases, employees may choose not to take benefits offered or do not fully understand what they are receiving when they do. Personalizing the process, such as using a simple online portal, can help make it straightforward when people choose to enroll. Personalization in HR systems is making it easier for departments to encourage engagement and makes managing employee benefits more efficient.
Flexible benefits packages mean that they suit the needs of your staff as and when they require them. If you have a rigid package that doesn’t fulfill the needs of the majority, uptake will be low, and morale will also wane. Flexibility means that for example, if an employee experiences a financial emergency, they can draw down money from any unused paid time off to cover it rather than resort to other loans or dipping into their 401k plans.
Studies have suggested that employees that have reduced financial stress perform better in their jobs. There is also said to be improved job satisfaction and creativity. This type of flexibility is not the norm for most companies at present. However, this type of package is becoming more popular for organizations that want to attract the best talent.
Technology is enabling staff to take control of their own benefits packages and understanding of how to use them. The simplicity of these systems is giving employees the information and utilities they need to make more informed choices and redirect their priorities. One of the main takeaways is that unpaid time off can be used to pay off a range of things, including debt. Plus, some are using it for vacations and boosting their 401k. By empowering staff and putting the information in their hands, they feel more equipped to make the best choices for their circumstances. Plus, they feel they are being rewarded in the best way.
Benefits and being rewarded play an essential role in creating a happy workforce. With more millennials putting job satisfaction above how much money they make, it is vital to strike the right balance for future generations of workers. The beauty of HR technology is that it puts you a step ahead to attract the best talent and maintain a healthy retention rate.