Increasing Employee Benefits in a Competitive Market
We live in a world where the most attractive job opportunity is king and staff retention is the name of the game. An employer's ability to compete as an innovative HR leader very much hinges on the success of a thorough engagement strategy that is capable of speaking to a diverse workplace.
To stay ahead of the human resources curve is a fine balancing act between an employer's available budget and the benefits that it is able to provide as a platform to engage with its employees.
"Employees live, travel and work in a South African environment where 65% of vehicles are not insured and where vehicle accidents are the leading cause of deaths. Up to 70% of motor claims are accident related, while a business vehicle is statistically twice as likely to be involved in an accident. The average cost of repairing a vehicle involved in an accident is R17 000, which is money that most South Africans simply do not have," says Lydia Ritchie of insurance brokerage and risk advisors, Aon South Africa Lydia.
The bottom line is that a satisfied, financially secure member of staff with sound insurance in place is a productive member of staff and that is ultimately what a properly scoped group insurance scheme should deliver.
"That is however easier said than done when you are dealing with a diverse workplace, where one product cannot possibly meet the needs of four generations," warns Lydia.
• Baby boomers (Born in 1946 to 1964) were raised on rebellion and see work as their duty and they will stay with a company as long as they feel they are making a difference
• Generation X (Born 1965 to 1980) are dual career parents that also boast a record divorce rate and are looking for opportunities to move both laterally and vertically.
• Generation Y (Born 1981 to 1990) has always had the internet and has very high expectations with 1 in 2 generation Y employees generally wanting to work somewhere else.
• Generation iY (Born 1991 - 2002) their life is dominated by the iPhone, the iPod, iTunes. They've been identified as the Digital Generation, Mosaics, Techies, Millennials and Screenagers and they are heavily biased towards action and interaction.
"It is absolutely crucial to create rewards packages that comprises of voluntary benefits that can be mixed and matched to suit the unique needs of the different generations within the workforce
A number of companies are however not very good at communicating the employee benefits that are available to their workforce and it's a crying shame, as it is a very powerful card to play in a company's efforts to retain and grow its talent pool," says Lydia.
"A successful employee engagement programme is underscored by an employer's ability to communicate a clear message that acknowledges the role that employees play in the success of the organisation. One of the ways to do that is to provide employees with benefits that speak to their unique needs," concludes Lydia.
