How to Use Data for Personalised Employee Benefits
2nd November 2021
Algorithms are making our user experience better on music apps, streaming services and e-commerce websites. We’ve grown accustomed to having experiences tailored to our preferences — and why shouldn’t we? We’re all different people with different needs and priorities.
That’s exactly why one-size-fits-all employee benefits are no longer enough to keep employees happy and incentivised. What works for all, in reality, works for no one. In fact, the argument for personalised benefits is clear with research by MetLife UK revealing that half of employees would sacrifice some of their salary for personalised benefits.
In this article, we will explore how you can use employee feedback and voice to create a personalised benefits plan and reveal the advantages that these tailored packages have on both staff and business.
Gathering the Right Data
Today, there can be as many as five generations of employees in the workplace, highlighting the need for tailored benefits. For example, a Gen Z’er fresh out of university won’t have the same priorities as a young millennial parent or a health-conscious Gen X’er.
However, it’s impossible to build a personalised benefits package for your staff when you don’t know what they want. Playing a guessing game would only waste time and wouldn’t yield the benefits of bespoke perks at work. By taking the time to ask your employees and get an understanding of their needs, wants and priorities, you can begin making smarter, more informed decisions for the benefit of everyone.
It’s critical that you’re not just hearing from the loud few while the opinion of the silent many gets overpowered in discussions. A well-rounded view of all your employees’ needs is essential to make this work. To encourage an open conversation with your employees, consider giving them an anonymous platform like Trickle to give honest feedback.
Once you have collected this feedback, you can put together a list of benefits that the company can implement for its employees and give them the opportunity to choose which suits them best. Think of it as a pick ‘n’ mix of benefits. That way, everyone has the freedom to put together a plan that suits them in their current life stage.
The Advantages of Personalised Employee Benefits
The advantages of personalised benefits are obvious for the employees, but businesses also have a lot to gain from offering tailored perks at work:
1. Higher Staff Retention
After the uncertainty, stress and anxiety over the last couple of years, it’s unsurprising that many employees’ priorities have shifted at work. Worryingly, though, we’re currently in the midst of the ‘Great Resignation’.
A survey conducted by Microsoft of more than 30,000 global workers showed that 41% of workers were considering quitting or changing their professions this year. To avoid the talent exodus, employers need to listen to their employees and find ways to keep them motivated and happy where they are.
Personalised benefits can help employees feel like they’re more than just their job, encouraging them to stay with the company. For instance, if new parents aren’t getting the support they need to strike a balance between work and family commitments, they may start searching for a job elsewhere.
If employers are aware of the issue, they can provide benefits such as flexi-work to make their job work for them. This way, they can be a parent and an employee — without having to compromise either aspect of their life.
Staff retention is a key to a company’s success and reputation. Any way to boost retention rates should be a top priority for companies, particularly in today’s rocky employment environment.
According to the CIPD, ‘workplace inclusion is when people feel valued and accepted in their team and in the wider organisation, without having to conform.’
Personalised benefits can ensure that everyone is given the same chance to reach their full potential, regardless of their situation. For example, if employees require mental health support, they can gain access to this through their tailored benefits package, without feeling isolated or struggling alone.
Moreover, with employees expected to work until their late 60s, older workers may not fancy a free cinema ticket every month as much as they would a better healthcare plan. Tailoring benefits to individual needs means that no one is being left out due to their personal circumstances.
It’s just one small thing, but it can go a long way to making employees feel involved, supported and accepted.
3. Employees Feel Valued
By listening to employees and crafting personalised employee benefits plans tailored to their professional and personal lives, you can boost overall motivation and morale by making your staff feel like a valued part of the company.
This isn’t only great for the team, but happier employees also means a more productive and profitable business.
To ensure that employees remain motivated, it’s important that they can adapt their benefits to keep up with their lifestyle changes and professional development. For instance, businesses could offer to review the benefits every six months. You don’t need to change the entire package, but giving them the chance to swap out one perk for another from your pick ‘n’ mix selection will help sustain motivation in the long-term.
Use Trickle to Kick Start Your Personalised Employee Benefits Plan
After a difficult couple of years, people now realise there’s more to life than just work, and employees want to work for businesses that also understand this.
Personalised employee benefits are a great way of empowering employees to take control of their work and personal lives. In return, employers are able to attract and keep the best talent — a significant perk in today’s ‘Great Resignation’ era.
To ‘do’ personalised employee benefits well, you need to gather regular, detailed insights, which is where Trickle comes in. Ask anonymous questions, celebrate achievements and harness the power of employee voice in your business, all in one easy-to-use platform.
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By giving your people a place to voice their suggestions & concerns when they need to, you’ll inspire a happier, more productive and loyal workforce.