As the year winds down, many businesses are focused on prioritizing for 2016. A new year brings new opportunities to build your company and take your business to a new level.
But what if your business’ success was more dependent on your investment in your employees than you assumed?
A recent workforce study by Towers Watson revealed that employee engagement is low--not just in the United States but across the globe--and only four in 10 employees are highly engaged in the workplace.
About a quarter of employees are disengaged and up to 36 percent feel either unsupported or detached at work. When business success is tied to employee performance, this is a trend businesses of all sizes can’t afford.
Developing a robust benefits program is an excellent way for businesses to build employee engagement and motivation. Industry research reveals it’s a clear way to succeed: a 2013 Gallup poll found that companies with engaged employees had 10 percent higher customer ratings, 22 percent higher profitability, and 21 percent higher productivity.
Investing in people can be a sound business choice that pays dividends in the long run.
As with any big decision, employers should do their homework before deciding what benefits to offer.
It’s important that a benefits program is in sync with your company’s talent goals, broader business strategy and meets the needs of every employee. Here are a few questions employers should consider in advance:
Connect the Dots on Talent--When it comes to your employees, do you have specific talent goals? Are you at the stage where you’re trying to recruit new talent, better engage the staff you currently have, or focus on retaining people? If recruiting is a priority, for example, focus on offering benefits that cover key areas like health and wellness, financial security and work-life balance. If your focus is on retaining people, however, do some research on the benefits that are most important to your current employees and work to design a benefits program that prioritizes those needs.
Business Reality Check--Is your business established, growing or running into some challenges? Determining where your business stands will help you figure out the resources you can dedicate towards creating and funding a benefits program. If you’re just starting out, chances are you won’t be able to offer as many benefits and will need to figure out which are most important to keeping your employees engaged. Determine what you can afford to give and then design a benefits program that fits into those parameters.
Workplace Demographics--Is your employee base a generational melting pot mixed with baby boomers, Gen X, and millennials? Offering benefits can’t be a one-size fits all approach. The benefits model that suits Gen Y won’t be the same model that appeals to baby boomers. Having a broad benefits offering that motivates a range of employees is key.
In addition to a dynamic benefits program, communicating these options to employees is equally important. Each generation receives and interprets information differently--Gen Y, for example, is mobile and social, whereas Baby Boomers may prefer to meet with a benefits professional 1:1 to learn their options.
An investment in your company’s most important asset--its people--can have a positive impact in 2016. It will help deepen relationships with your employees, build a productive and healthy workforce, and develop a foundation of trust and loyalty.
In today’s competitive business world, only the strongest and fittest survive.
Focusing on employees can be one way to ensure your business stays on top.