Staff understand benefits better than managers
Benefits have become a more important part of the reward mix for employees as a result of the current economic squeeze but their role in supporting business performance and employee engagement can at times be poorly understood by managers, according to new research.
The “Engage to Perform” study from Edenred which examines the key priorities for benefits professionals in 2013 found the combination of the challenging economy and a pay squeeze have resulted in an increase in benefits take-up for a third (33%) of organisations. Although 69% said their role in the reward mix was more important, only 26% said managers and leaders understood or valued their role as a tool to support business performance.
The research also found that while auto-enrolment is a strategic priority for the majority of those questioned, only a minority (33%) said it was an opportunity to increase awareness of wider benefits. Nearly half (42%) of those questioned said they would review benefits strategy this year.
Andy Philpott, sales and marketing director at Edenred said: “If there is one clear trend that comes through from our research it is that 2013 is a critical year for the way organisations approach benefits.
With no improvement in benefits budgets in sight for around three quarters of those we surveyed, organisations are looking hard at what they can do to make their benefits proposition deliver more for their employees.
Personalisation, better use of technology to access benefits and using HR policy to supplement core benefits are some of the ways employers are trying to achieve that with the use of financial education emerging as a new tactic to support benefits communication.
The key challenge in the year ahead remains the issue of communicating the role benefits and reward can play in supporting business performance to employees, managers and leaders in the business.”
More details of the research can be found in the report “Engage to Perform” which brings together these findings and insight from Edenred’s practitioner panel, a group of some 50 senior professionals responsible for reward in their organisations.
Copies of the report can be found at: http://www.edenred.co.uk/engage-to-perform/