For most benefits professionals, the last few years will have been largely taken up with projects such as auto-enrolment compliance, dealing with the impact of a volatile economic climate and working out how to motivate staff while pay freezes continue. Throughout this time, benchmarking benefits packages is less likely to have been a priority.
But as the economy has begun to pick up, and employees again become more mobile, many employers may be curious to know how their organisation’s package compares with those of its competitors. This is particularly the case in certain sectors, such as the oil and gas industry, where employers are facing competition for specialised skillsets and experience.
Employers now have numerous options available to them to offer staff flexibility around benefits and tailor a package to suit their individual needs.
This has led to some debate about the ongoing relevance of benchmarking benefits. Is how an organisation’s package compares with its peers now less important than how its benefits package is perceived by its workforce and the value staff attach to the perks they receive? (See Is benefits benchmarking still relevant?).
Whatever approach employers take, they should not become so bogged down in benchmarking their offering and keeping up with the Joneses that they lose sight of why they are providing benefits in the first place. Benefits represent a large portion of an organisation’s overall spend and unless they appeal to, and are valued by, employees, this money will effectively be wasted.
We know so many employers are doing fantastic things with benefits for their staff. So, after all that hard work, why not ensure your organisation receives the recognition it deserves around benefits by entering the Employee Benefits Awards 2015? There is a wide range of categories to choose from and the winners will join an illustrious hall of fame.
If you haven’t entered already, you still have a little time to do so before the fast-approaching deadline of 12 December 2014. See all the details.
Debbie Lovewell-Tuck
Editor
Follow on Twitter: @DebbieLovewell