Almost half (45%) of organisations find it difficult to meet employee expectations with their current benefits packages, according to research by employee benefits software firm Benify.
Its Boost competitiveness by leveraging global benefits and total rewards report, which was sponsored by Harvard Business Review Analytic Services and surveyed 214 HR leaders at multinational organisations, also found that 87% of HR leader respondents think employee expectations are higher than ever, while 76% consider it strategically important to offer competitive compensation and benefits packages. One-third (33%) do not believe their organisation offers competitive benefits.
The majority (86%) said their organisation has made one or more improvements to its compensation and benefits programmes over the past 12 months. The most-popular reasons for doing so were to better attract and retain talent (71%) and to ensure employees are engaged or satisfied at work (58%).
When asked what positive business outcomes they experienced by making adjustments, 43% of respondents cited talent retention and attraction, while 42% cited more engaged or satisfied employees.
More than half (57%) agreed their organisation communicates compensation and benefits information to employees clearly and effectively, while 41% have been working on better communicating information over the past 12 months to improve their compensation and benefits programme.
Joakim Alm, chief executive officer at Benify, said: “Many employers know it’s important to offer benefits packages that attract and retain talented employees, but there remains a gap between what organisations offer and what their employees actually want. But with a strategic approach, employers can use technology powered by real-time, accessible data to make informed decisions that align their benefits packages to what employees want most.
“In times of economic uncertainty, navigating the balance between cost management and competitive benefits packages can be difficult. That’s why using tools that streamline administration and efficiency can be key to reducing overheads while maximising return on investment. Integrating global benefits technology not only aids cost management but improves overall efficiency by automating HR processes.”
