Employee benefits can be a game-changer for attracting and retaining talent, but only if they’re actually used.
Yet, a recent study by the industry body for the group risk sector, GRiD, reveals that nearly one in five employers leave employees to discover and utilise benefits on their own.
This hands-off approach not only risks wasting valuable resources but also means your employees may miss out on valuable support.
Why employee benefits matter
Investing in employee benefits is a win-win. They enhance your company’s appeal as an employer, improve job satisfaction, and support employees’ well-being.
Whether it’s pension contributions, health insurance, or discounted gym memberships, a healthy benefits package can boost morale and productivity.
However, if employees are unaware or unsure of how to access these perks, the investment goes to waste, and employees miss out on crucial support.
The risks of low engagement with benefits
Employers who rely on employees to take the initiative in engaging with benefits risk:
- Wasted resources – If benefits are unused, the money spent offering them adds no real value.
- Missed opportunities – Employees may feel unsupported, which could affect morale, retention, and productivity.
- Lack of alignment – A benefits package is often designed with employees’ needs in mind, but poor communication or engagement can mean those needs remain unmet.
Tips for improving employee benefit engagement
Communicate regularly
Employees won’t use benefits if they don’t know they exist.
Regular reminders through emails, newsletters, or posters in common areas can raise awareness.
Highlight specific benefits such as flu jabs in the winter or financial advice workshops in January.
Make it easy to access information
Create a central hub for benefit information, such as an employee portal or app.
Include clear instructions on how to access and use each benefit.
Personalise the approach
Conduct surveys or feedback sessions to understand what benefits employees value most.
Tailor your communications to highlight how these offerings meet their needs.
Train managers to promote benefits
Equip line managers with the knowledge to discuss benefits with their teams during one-on-one meetings or performance reviews.
Showcase success stories
Highlight real-life examples of how employees have benefited from the perks.
A testimonial from a team member who used a mental health programme or saved on childcare can inspire others to take advantage.
Run engagement campaigns
Incentivise benefit take-up by offering rewards for participation.
A well-utilised benefits package can be a powerful tool in building a happy, motivated, and loyal workforce.
Don’t let your investment go to waste, take steps to engage your team and maximise the value of your benefits.
App of the Month: Spotlight Reporting
This month, the spotlight is on Spotlight Reporting, a comprehensive tool revolutionising the way accountants and businesses approach financial reporting, forecasting, and decision-making.
Designed to go beyond traditional spreadsheets, Spotlight Reporting empowers professionals with visually compelling insights that inform strategic choices and elevate advisory services.
Spotlight Reporting offers a suite of powerful features that streamline financial management:
- Powerful reporting – Create customisable reports that bring clarity and context to financial data.
- Forecasting and budgeting – Simplify complex projections with robust forecasting tools, including scenario planning and consolidated forecasts.
- Dashboards – High-level overviews of critical metrics offer instant snapshots of business performance.
- Consolidation – Handle multi-entity consolidations with ease, accommodating up to 75 entities.
- Cashflow analysis – Gain deep insights into liquidity and cash management to drive smarter decisions.
- Action planning – Transform insights into action with tools that highlight the next steps.
Empowering accountants and businesses
Spotlight Reporting turns complex data into actionable insights. By eliminating the frustration of manual data manipulation, accountants can focus on advisory services, helping clients make informed decisions.
Spotlight Reporting’s visually engaging analysis far surpasses traditional spreadsheets and integrates seamlessly with leading accounting platforms and non-financial data sources like Google Analytics.
The intuitive setup makes it simple to get started, and their dedicated training and support team ensures users maximise the app’s potential. “
From multi-entity consolidations to ESG reporting, Spotlight Reporting offers an unparalleled combination of features, insights, and ease of use.
