Employee Benefits Connect 2019: When building a benefits business case, being able to explain the reasoning behind an initiative’s introduction is the most important factor, according to Jonathan West (pictured), client development director at Let’s Connect, a Personal Group company.
Addressing delegates at Employee Benefits Connect 2019 on Wednesday 27 February, West explained that HR professionals need to carefully formulate a business plan, showing the ‘why’, rather than simply presenting benefits options, in order to achieve leadership buy-in and approval.
“When you’re seeking approval for your business case, typically you need to take people on a journey: what’s in it for our employees? What’s in it for the business? If you can land your ‘why’, then you’re in a really strong place,” he said.
When building a case for implementing benefits, reward professionals must justify what the gain or advantage will be for the organisation. This might be done using metrics such as engagement scores, absence statistics and retention rates, demonstrating the return on investment of certain initiatives in clear figures. In turn, it should be made clear how new additions to a benefits package fit into an organisation’s wider business strategy.
“If you fail to articulate the benefits to the business or employees, you might struggle to get it over the line,” said West. “The ideal business case will bring together the key benefits and advantages to an initiative.”