Are your employee benefits personalised?

A recent report by the Reward & Employee Benefits Association (REBA) highlighted two important insights. 

Firstly 91% of organisations surveyed plan to review their employee benefits packages in the next 2 years with 61% planning to undertake a major strategic review and 44% already planning a significant overhaul to their benefits structure. All this reflects the growing sense of importance of optimising the Employee Value Proposition in an employment landscape driven by ongoing challenges to talent attraction, retention and performance. 

Secondly the report highlights one of the key objectives in undertaking these changes – to make benefits schemes much more personalised. “By 2024, almost nine in 10 (85%) employers will be focused on personalisation, up from a quarter (25%) today.” As we have previously stated “Ensuring that any strategy is both shaped by individuals and can be tailored to suit them rather than a ‘one size fits all’ approach will strengthen the reinvented EVP still further.”

So how can organisations get the most from personalising their benefits and rewards schemes. For us here at Cognomie we think the opportunity extends way beyond simply offering employees the opportunity to pick from a menu of items the benefits that best suit them. We believe personalisation should go hand in hand with gaining both a deeper level of both individual and organisational understanding. 

Benefits should be there not just to reward. But also to support personal and organisational development. 

There are two steps to enabling this. 

1. Individual and organisational Mental Fitness benchmarking. Enabling employees to gain a deeper understanding of who they are and where their strengths and opportunities for growth lie enable them to choose benefits that meet their needs more effectively. Understanding the landscape of Mental Fitness across the organisation enables the organisation to provide the right kind of benefits for individuals to select from. 
2. Transformational Coaching delivered at scale across the organisation. Whilst in some ways a benefit for employees in and of itself, the power of Transformational Coaching lies in enabling individuals to gain much deeper self understanding and to channel this into a personal vision for development. The coaching framework itself is a powerful tool in helping employees tailor their own benefits requirements not just as reward but as an additional set of tools to support them in achieving their goals and purpose. Again the feedback this coaching can provide back to the organisation allows the development of a benefits portfolio that has strategic purpose beyond simple reward. 

We think that Rewards and Benefits forms a vital part of evolving the Employee Value Proposition for organisations of the future. How are you planning on evolving the EVP for your organisation?