Analysis – Page 4
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AnalysisHow will employers' reward strategies change when furloughed employees return to work?
Need to know:Organisations can instill confidence by reminding employees of benefits available in a total reward statement.Flexible pay options could help with financial stress when employees are returning to work. Creating a hazard pay benefit can give employees greater confidence.By August 2020, HM Revenue and Customs (HMRC) reported 1.2 million ...
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AnalysisWhat will the workplace of the future mean for reward strategies?
Need to know:The Covid-19 (Coronavirus) pandemic has tipped flexible working into the mainstream for the first time and office environments may never be the same again.We are likely to arrive at a middle ground, where office workers enjoy a combination of working from home and office days.In the aftermath of ...
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AnalysisHow can employers form a reward strategy that reflects the current talent market?
Need to know:The effect of the Covid-19 pandemic on the talent market will be felt for a long while yet; employers that are recruiting have had to adapt to virtual, remote methods.The reward package has long been used as a talent attraction and retention tool, but the major changes to ...
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AnalysisHow are employees’ expectations shaping benefits strategies?
Need to know:Employees are increasingly seeking out organisations that share their values.Employers must demonstrate their commitment to their values, embedding them in everything from the facilities to policies and benefits.Providing employees with a pot of money and allowing them to select how they spend it can support a more diverse ...
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AnalysisHow will the Covid-19 pandemic change the employer/employee relationship in the future?
Need to know: While the Covid-19 pandemic posed many immediate challenges to employers, many have risen to the challenge, finding creative new ways to make sure staff stay physically and mentally well.There are a number of steps employers can take now to prevent an us-and-them culture existing after furlough.Flexible working ...
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AnalysisHow recognition schemes can help employers to foster good behaviours
Need to know: Recognising and rewarding staff can boost morale and engagement.Peer-to-peer recognition schemes help to remove any sense of hierarchical structure.Senior leadership teams that promote recognition can encourage employees to lead by example.Employee recognition schemes are becoming ever-more important for employees to reach the best of their abilities at ...
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AnalysisHow to build an attractive benefits package on a budget
Need to know:Although flexibility and choice are important, there are some low-cost, go-to starting points, such as employee assistance programmes (EAPs).It can be worth investing in slightly more expensive products or platforms, to derive the best value in the long run.Communication, packaging and position are just as important as having ...
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AnalysisFuture trends: Benefits strategy in numbers
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AnalysisTop tips for using data to showcase return on investment in a benefits strategy
Need to know:With the range and availability of benefits increasing, and sources of data growing, employers must consider how to best harness data to showcase the value of benefits spend.Using a multi-layered approach to highlight pain points or areas of interest, and measuring data around these, will help to ensure ...
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AnalysisClosing the perception gap between what staff and employers consider fair reward
Need to know:The gap between what an employer offers and what employees consider fair reward is often the result of failing to listen to employees’ needs when planning benefits strategies.Nevertheless, often the right benefits are in place, but simply lack effective communications aligning them with employee expectations.In communicating the value ...
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AnalysisShaping benefits strategy for a future workforce
Need to know:Both the nature of work and the demographics of the workforce are changing, so a benefits strategy must be fit for future purpose in order to attract and retain talent.Generational differences are causing diverse wants and needs to emerge, which must be taken into account. However, some strategies, ...
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AnalysisWhen does diversity and inclusion become exclusive?
Need to know:Alternative and flexible approaches to work often breed resentment among those who feel they are not available to them, as well as excluding users from progression.Networks and groups can create an important space for support and conversation, but risk ignoring intersectionality and cordoning off parts of an organisation.Public ...
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AnalysisNew year's resolutions: How to ensure a strong start to 2020
Need to know:Following the festive period, organisations should help staff make positive behavioural changes, while also focusing on their own strategies for the year ahead.Savings and discounts in the run-up to Christmas will help start 2020 on a more stable footing, while January is a good time to introduce conversations ...
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AnalysisKey dates to incorporate into 2020 benefits strategy
Need to know:There are many awareness days that can be used as a framework for benefits strategy. Rather than choosing dates to focus on, though, employers should determine the important values for the business first.April 2020 will see key legislative changes that employers should also consider and prepare for.Some dates ...
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AnalysisHow to align pensions provisions with a wider benefits strategy
Need to know:Pensions should be positioned as a vital part of an overarching benefits package, rather than a separate and often distant concern.Employers should package pensions within a wider financial planning provision, promoting it alongside a range of other benefits that can help employees with short- and long-term stability.Focusing on ...
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AnalysisWelcoming workplaces: Diversity and inclusion in numbers
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AnalysisCan employee benefits be used to counter climate change?
Need to know:Increasing climate change awareness and the introduction of government targets are leading employers to review what can be done within their organisations.Some are changing the slant of their benefits schemes by promoting these differently to employees, highlighting the environmental impact more prominently.Incentives can be used to create day-to-day ...
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AnalysisHow predictive analytics can influence employee engagement
Need to know: Most employers are already harvesting ample data to engage in some form of predictive analytics, from sources such as engagement surveys and benefits take-up statistics.Regression analysis can help track potential exit drivers and problem areas for engagement, while predictive models can map how initiatives will affect factors ...
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AnalysisHow is today’s change culture impacting total reward?
Need to know:Due to the uncertainty surrounding the impact of Brexit, many employers are delaying major reward decisions.Nevertheless, it is important to adapt to changing trends, such as the move towards a wellbeing focus, and flexible working becoming the norm.Although changes to factors such as the economy and legislation will ...
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AnalysisWhat role do benefits play in the recruitment and retention of employees?
Need to know:Potential employees are now keen to know what benefits an employer offers in addition to salary, especially within the context of work-life balance.Bespoke packages and more flexibility are key factors in successfully appealing to employees with diverse needs and expectations.Employers are increasingly aligning benefits strategy with their culture ...