When measuring performance, why are employee benefits packages so often overlooked?
When talent is scarce, it’s very important to keep tabs on how likely your people are to stay in their jobs. Investing a substantial share of HR time and resources in monitoring the full gamut of employee engagement metrics has become the norm for businesses in the 21st century. Reporting on performance against KPIs and benchmarks for job satisfaction, career progression and alignment with organisational values is considered a vital early-warning system for potential problems with productivity and staff retention.
As a provider of employee benefits, we’re constantly finding that the same standards of scrutiny just don’t apply to this segment of the whole employee value proposition. The general measure of satisfaction with an existing employee benefits program is that no complaints are received and therefore it’s achieving a desirable level of performance!
Unfortunately, this lack of negative feedback usually signals a widespread lack of engagement with and take-up of employee benefits. Given their significant potential to provide value to employees and drive their engagement, the absence of employee benefits from the metrics dashboard is something that’s important to address.
This is why we offer industry specific benchmarks an employee benefits program should expect to achieve. We find this to be a critical part of reaching an absolute verdict on how a program performs, both in terms of actual savings to each individual employee, but also as a measure of overall value to the business. When our benefits assessment process shines a light on the comparative value a company is realising from their own offering, it really changes the whole conversation about how satisfied they are with what they’re delivering.
Contact Maxxia today to see if your benefits program is delivering maximum value.
Article originally featured in The Australian Business Executive Q4 2017.
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