As the war for talent continues to intensify, the need to review and possibly revamp their benefits offering is likely to rise up the agenda for many employers. This is assuming that it has not already been done as part of a wider strategic review aimed at linking benefits to broader business objectives, or any one of myriad other reasons.
In many cases, this will result in benefits professionals identifying the need to introduce new initiatives, either to replace an existing benefit or as an addition to their package. Either way, ensuring they get the go-ahead for their plans will be the next crucial step.
This is where an engaging business case comes in handy. But what should a compelling business case include, and how can benefits professionals ensure that it is appeals to the stakeholders that have a say in the final decision? (See How to build a compelling business case for benefits).
While some trends and future events can be predicted and planned for to some degree, others are impossible to spot on the horizon. Few could have predicted, for example, the outbreak of Ebola or recent acts of terrorism, such as the Sydney siege or last month’s events in Paris. Yet their devastating impact for affected employees, their colleagues and their families means employers’ support in such situations is crucial. Should the worst happen, employers should have measures in place to be able to react quickly to provide help and support.
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Forward planning and building benefits to support crisis management into a global benefits strategy, therefore, are increasingly important tasks for anyone responsible for expatriate or international employees (see Disaster support).
Of course, as much as we may like one at times, no one has a crystal ball to see what lies ahead. That said, it is possible to use some social, regulatory and economic developments and forecasts as a foundation on which to base likely future trends.
Employee Benefits Connect 2015, which takes place in London on 4 March, will bring together HR, benefits and reward professionals to discuss and discover the hottest issues in benefits, as well as looking ahead to future trends. To find out more click here.