Benefits: The Underutilized Reward
Understanding the real competitive value of your employee benefits program is critical in making the right decisions about the most effective way to invest in your benefits to attract, retain and engage your employees. An increasing number of employees are considering leaving their jobs. Employees are less satisfied with pay and benefits, and engagement is declining.
Are you well-equipped to differentiate your benefits against those of your competitors or peers? Do your benefits programs meet your employees' needs? And do you have the necessary information to communicate to employees the value of their benefits?
Benefits make up an increasingly significant component of the overall compensation package, with at least 35% of employers in the region spending 6% or more of payroll on their health benefits. Many companies, however, have not taken steps to incorporate benefits into the strategic part of their overall workforce plans.