Some of the questions we answered in our webinar this week were:
Q What is EVP?
Employee Value Proposition – what you put on the table to attract your candidates.
Q How much???
Yes, there’s an increase in benefit pricing and with Howards’ insight the number is generally around 30-40% in group protection and healthcare premiums.
Q Is it just an increase in premiums that we’re planning for?
No, with such a wide emphasis on global climate change this is echoed in development of benefit sustainability. For example, in the provision of ethical pension funds and a digital solution that removes the requirement for paper, brochure based benefit collateral.
There’s also an expectation from the employee base for easy access to their benefits and this leads to the positioning of self-service benefit technology freeing up your time to increase and focus your internal teams in delivering the value-added service across the entire employee lifecycle at your school.
Q How can we measure the effectiveness of our benefits?
Take the temperature of what your employees value and conduct surveys to determine employee views of current and potential future benefits. Benchmark your Reward and Benefits package within your sector and externally.
Q What new benefits are employees looking at?
Along with hybrid working patterns, benefit requirements are leaning towards other topical areas of interest such as climate change and sustainability, e.g., electric cars and energy efficient home discounts. Which offer a number of benefits to the employer and employee. Recent employee surveys have indicated that protection, healthcare, and wellbeing support have become higher priorities for employees, given their experiences over the past 2 years.
Navigator can help you with considering your Employee Value Proposition and how that lands with the existing staff base and candidates you are seeking to attract. Working with Vested you will obtain excellent insight and innovation for benefit system implementation ultimately saving you time and money as well as heightening your reputation in benefit provision.
Would you have liked to attend the seminar but weren’t about? Contact our HR Projects team and we’d be delighted to discuss further with you.
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