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The provision of employee benefits is becoming easier as technology advances. Below are 3 frequently asked questions from customers and how technology and Smart Hive have helped.
To ensure that we make the best cost-effective decisions, we are looking at what benefits we offer. How can we improve retention and attraction by analysing our employee benefits?
It’s wonderful that you recognize the importance of analysing your employee benefits to attract and retain employees. According to EBRI (Employee benefit Research Institute), 78% said that employee benefits were very important or extremely important when they decide to accept a job.
You should evaluate the performance of your current reward strategy before you decide what benefits to include. Do your employees engage with your benefits? What are the frequency of your benefits being used?
This is possible thanks to the rapid development of agile technology. Smart Hive, an online platform that allows you to communicate all your benefits and lets you see how those benefits are being used. You can see how your reward uptake is visualized.
Regular contact with employees regarding their benefits is essential to ensure that they are fully informed. You can gather statistical data and figures to make informed decisions about your business’ future reward strategy, and be more open to your employees.
My employee benefits participation is very low. Why is this?
- Your employees may not be using your benefits regularly or they might want something else.
- Technology advancements can be applied regardless of your reasoning.
These online platforms can be used to collect statistics about how your employees use your benefits. They also allow you to post messages about your reward strategy and act as a message board. Smart Hive is a UK employee benefits platform. It can be accessed via computer, smartphone, or tablet. This allows employees to view all benefits offered by you quickly and easily. Employees can see the savings they’ve made with benefits like cycle to work and retail discounts. It is easier to promote benefits that may not be visible, such as the death in service-funded benefits that provide family members with valuable protection.
The communication process was made much easier by Smart Hive. This data is a reflection of how employees feel about the benefits offered. It’s time for a change if employees are not aware of your reward strategy. AICPA found that 80% of workers would rather keep a job with benefits than one that paid less.
We would like to alter the benefits we offer, but how can we determine which benefits our employees want?
It can be challenging to design a benefits package that meets all the needs of your employees, given the diversity of workers in your workplace. This has been made possible by employee benefits technology.
It can be a powerful tool for engaging with a wider audience by offering voluntary benefits. These benefits are flexible, personal and can be tailored to meet the needs of diverse teams. Voluntary benefits can be defined as rewards offered by employers but paid mostly or entirely by employees through their salary. These benefits are not only free, but also offer employees many options.
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Smart Hive allows employees to see the benefits your company offers and also provides a list of benefits not currently offered. Employees can then request information about any benefits that interest them. This greatly reduces the work for you. You know what benefits are most popular with your employees and can incorporate them into your offer as you wish.