What are the top 1% HR professionals doing to revolutionize employee benefits? They are changing with the time. One of the many things that have changed permanently over the past few years, for the better, is employee expectations from an organization. Gone are the days when a good CTC was enough to lure and recruit the best talent and retain the best employees. Today's workforce demands more from their employers and this ranges from flexibility to holistic healthcare plans to work-life balance and so much more. The emphasis on benefits is as critical as the one on compensation and both these elements are part of the larger framework in designing a desirable employee experience.
Different priorities, different expectations
The employees of today are different. They want to do their best at work while prioritising their mental and physical wellness. While a lot of naysayers will have you believe that the “old way” of working is the only way, many studies have shown that a happy and content workforce results in significant productivity gains and pushes up the bottom line. It also makes it easier for an organization to attract the best talent, retain them and significantly lower their attrition rates. The Great Resignation has shown time and again that the new-age employees perform superlatively when given an environment that helps them thrive. While a good salary is fine, employees today also want to know that their employers care and that care is visible through a well-thought out, engaging employee benefits program.
However, with many employees asking “What’s more?” an organization can provide them with, apart from the standard package, the challenge for HR revolves around adding more benefits in an efficient and accessible manner.
Employees today want to work, but they also want to focus on themselves. They want to hit the gym, hone their creative talents, learn a new instrument, and much more. And to do that, along with a good remuneration package, they also need a solid benefits package.
Why are employee benefits becoming increasingly important?
Understanding employee needs, over and above the financial needs that are met by the remuneration package, is critical to a company’s success. Another, perhaps even more important, reason why employees deserve the best benefits is because employees have come to mean more than individuals who simply show up to work. At the very core, employees are actually partners that empower an organization to reach its true and full potential. This makes it all the more important that employees feel cared for. And when you have employees doing their best for your company, it only makes sense that the company rewards them by going above and beyond their conventional CTCs.
It is indeed optimal to have employees who efficiently maintain a work-life balance, but the onus is not entirely on them, the organization must also offer a lending hand through their benefits programs and policies. However, handling these different offerings can get cumbersome from the employers’ perspective. From creating a list of policies that would be most appealing to the majority of employees to getting in touch and negotiating with the right vendors, designing a desirable benefits framework sounds far simpler than it is. It really doesn’t make things any easier that employees respond much more positively to customized benefits programs rather than a standard cookie-cutter approach.
This is why many organizations are now coming up with well planned, solid employee benefit programs that span everything from insurance benefits to mental wellness policies and everything in between.
But does HR need more work?
Traditionally the HR function of an organization has always been one of the leanest. And when we add providing benefits to the mix, along with the necessary focus on hiring, onboarding, retention, performance evaluation, culture building and more, it can be a little overwhelming. And there might not be enough bandwidth left with the HR team, leaving them with very less time to run after multiple vendors to create a great benefits framework for their employees. It would be ideal to have a way out of this conundrum that helps organizations provide great benefits to their employees, without overloading the HR function.
So, here’s a checklist to get started on your benefits framework:
If you, too, are thinking of getting on board a platform that allows easy access and management in offering those critical employee benefits, we have compiled a checklist of the most important factors to consider:
A one-stop-shop: The most efficient way to organize all your employee benefits is under a single platform. This streamlines employee access and simplifies benefits management from the employers’ side.
No haggling with multiple vendors: To create an excellent benefits program, it is essential to cater to the varied needs of employees. Unfortunately, this can sometimes mean dealing with multiple vendors, which can be pretty overwhelming.
Least administrative overhead: While providing employees with varied benefits is essential; it shouldn’t come at the cost of overburdening the HR department with the management of these offerings. Therefore, it becomes critical to always look for a solution with minimal administrative overhead.
Cost-saving: Who doesn't like a discount? Especially for programs and opportunities that you want for all your employees. It is best to always search for a solution that gives your organization access to varied benefits at a discount.
a) Brand new options: But it's not just discounts that organizations need. They need access to even those products and services at an individual level that have previously been available only to organizations such as discounted travel and insurance top-up.
b) Need for speed: No one wants to spend week after week and month after month negotiating and finalizing anything - not even benefits. So it is crucial to have a platform that not only allows you to access the best vendors but also lets you finalize things quickly.
c) Customization for all: No two employees are the same and neither are their requirements. The cookie-cutter approach that we are so used to no longer works. So if there is a specific need from a group of employees or HR, being able to cater that request can be a big plus point.
d) Data security: In today’s day and age, data security and privacy are important aspects to consider when choosing a software product. No one wants their personal information to be compromised or even shared without their outright consent.
So, where does an organization that is committed to employee welfare but also doesn't want to overburden its HR go? Where can they find all these vital features?
All the heavy lifting is done by Batik for you!
The team behind Batik understood that a robust, expansive benefits program is crucial to every workplace that wants to lead an empowered and efficient workforce. So, they came up with the perfect solution for all organizational benefits – A platform that helps employers handle everything related to employee benefits from healthcare, fitness, insurance, finance and more. In addition, Batik helps align the various benefits needed by employees and makes employee benefit solutions simple and easy to engage with, making your workplace employee-centric.
As if all these fantastic benefits were not enough, Batik is free to use for one year. So if you as an organization are ready to take the jump into the world of employee benefits, Batik is there to help you do the best for your employees and your organization.