How to maximise value from employee benefits

Benefits portal, benefits systems, benefits platform, company benefit schemes, employee benefits, extras or company perks (to name just a few).

Whatever you choose to call employee benefits, short of having your own personalised scheme name, they’re each and every day becoming increasingly popular.

In fact, according to our latest research, almost half (47%) of the UK’s employees now say that a good benefits package is the most important thing they look for in employment – up 5% on last year.

We could wax lyrical about the value of a good employee benefit proposition until the cows come home, but the proof is in the pudding. Seven in ten (69%) employers now say that benefit packages are one of the very first things candidates ask about during the interview process, but are companies getting it right?

Here, we look at the issues employees face, how you can maximise the value from your employee benefits offering, and why Zest’s innovative technology is leading the way to champion employee engagement.

While employer investment in benefits has increased, colleagues are still under the impression that their current package is inadequate.

That’s understandable. While employers are falling over themselves to improve talent attraction, and more importantly retention, arguably the main reason employers offer benefits, with each day that goes by there seems to be yet another issue facing the British public.

Be it a cost-of-living-crisis, energy bills rising or the cost of your morning coffee going through the roof, it certainly seems to feel as if we’re in some form of ‘Groundhog Day’ scenario when it comes to negative financial headlines. And so, it’s easy to understand why employees want more from their overall package, and why financial benefits are now the most in-demand perks for 2024.

Packages are also falling short when it comes to matching employees’ needs and the desire for targeted communications. Just 50% of employees say they know exactly what their employer offers despite nearly nine in ten (87%) employers believing their benefits are communicated clearly and simply.

To put it simply, this disconnect is proving to be an issue, with a number of employees unsure of the full ins and outs of their benefit scheme, and employers are unable to understand what their people truly want.

Add the two together and you have a recipe for disaster, ultimately offering poor value for money to both parties.

By tailoring benefits, communications and investment to the specific needs of your workforce, you will truly maximise the value of your employee benefit scheme, which will as an end goal be reflected in each and every employee’s Total Reward Statement.

You can also read our blog on unlocking the ROI of investing in an employee benefits platform.

By using Zest, of course!

But before we get to that, it’s important you get the fundamentals right.

Listen to your people. After all, it’s all in the data (and their opinion on the offering). If a particular benefit isn’t proving to be popular, then maybe it’s time to give your offering a new lick of paint if you will, a fresh look with benefits that appeal to a diverse workforce. And the same can certainly be said for your scheme if it isn’t providing the value you truly desire.

Remember, every employee is unique, and gone are the days of the one-size-fits-all benefit offering. Today’s schemes require employers to tailor a portal to their workforce. Only by doing this will you truly maximise the value of your offering.

And why is Zest the best (better rhymes are probably available) at helping you maximise value?

We work seamlessly with both existing and new employee benefit providers, and any other aspects of your benefits package, and can have it configured start to finish within a matter of days, all to meet the unique needs and preferences of each individual employee. That allows us to ensure that benefits are as easy to administer as they are to access, providing value to employers and employees alike.

Our research has found that HR leaders believe managing benefits is a headache they could do without, with access to detailed data not openly available and day-to-day admin a cause for concern.

In order to maximise the value of your employee benefits scheme, data, admin, portal management and reporting all need to be easier than a Sunday morning. And with 82% of decision makers saying employee benefits technology would make their job significantly easier, that’s where we come in.

We’re championing a new era of employee engagement through technology, and through our technology, you can use personalisation and customisation to offer a scheme that caters to the unique needs and preferences of each employee.

Put employees at the heart of every decision, with employee engagement an ongoing activity rather than a one-off aspect. Our technology is an enabler of this, and can empower organisations of all sizes and industries to create a workplace culture where employees feel valued, supported and motivated.

We can also help you to make informed benefit decisions, with a truly holistic overview of your benefits available. Not to mention instant access to all your reporting at the click of a button, without the need to wait for someone at our end to answer your data request.

Remember, by having access to the particular insights and the trends you need to better understand how employees use their benefits, you can add a touch of flexibility and adapt your offering accordingly to get the best return on investment.

Like the perfect circle, this then loops us back to the wonderful world of tailored communications, where you can now target employees based on age, gender or location, to name a few. This is all in the name of promoting further benefit take-up, which increases engagement and job satisfaction.

With 56% of employees saying they would leave their job if another company offered them a better benefits package, maximising the value of your employee benefits offering has never been more important.

Want to know more? Our fantastic Employee Benefits Report for 2024 is now available to download here.

What’s more, if you want to know how Zest can help you make the most of your employee benefit scheme (or whichever name you refer to it as), then book a demo with our sales team today.