5 ways to boost your benefits in 2021
Scroll down to find out how
For most organisations, the annual window to select benefits is January or April. It’s an opportunity to review your scheme, make changes, encourage employees to make benefit choice, and generally promote the benefits.
This year might be a little different.
We saw a real challenge in 2020 for benefit utilisation. Clinic closures, postponed operations, emergency treatments only – these were challenges that many of us faced with health benefits alone. Travel benefits were impacted, fitness studios and gyms closed. Employees were paying each month for benefits they couldn’t use, and will continue to do so for part of 2021. Because of this, it would be fair to assume that companies may be sceptical to introduce new benefits in 2021.
So, how can you enhance your scheme this year, in different ways?
1. Make sure you’re getting the most from your current benefits
Did you know, lots of providers will include ‘add-ons’ to their benefits. Take Healthcare Cash Plans for example, they can include Virtual GP, Mental Wellbeing Apps and Employee Assistance Programmes. It's possible you have these add-ons and you’re not aware. If you don't, could you negotiate with your provider to have them included?
Take time to review your current offering, and understand everything your employees have access to. You may even find you have duplicate cover across some benefits. Once your scheme is reviewed, you’ll be in a better position to make scheme changes, if needed.
2. Think about your company policies
Organisations had to make quick changes in 2020 to support employees working from home. To adapt to the new “way of working”, you may have made alterations to your flexible working policy. Why stop there? Why not take this opportunity to review your People Policies in more detail?
The lines between work and home life have blurred, which raises the question: how do you support employees in this new world? It doesn’t have to end with flexible working. This could be a good opportunity to review parental leave, sabbatical or career breaks, plus policies to support wider diversity, equity and inclusion initiatives.
3. Give your communications a make-over
You don’t have to add or remove benefits to give your scheme a new lease of life. 2021 might be the year to spruce up your benefits brand, or create one! Building a unique brand for employees to engage with is important. We know that a strong brand, combined with effective communications, is a winning recipe!
Creating a fresh new look and finding new ways to promote your scheme is a great way to shout about what you already have. And when you’re spending that much money on benefits, they should be shouted about.
4. Think outside the box
Introducing a new benefit doesn’t need to involve providers, processes and selections. There are lots of ways to introduce new benefits to your employees, without the additional administration burden. You can support employees with their health and fitness needs by organising virtual fitness classes. Encourage good diet habits this year by running virtual cooking lessons. You could be extra generous and offer to pay for their Netflix subscription (which I’m sure had a lot of use during 2020!).
We encourage companies to ‘think outside the box’ and introduce quirky benefits for their employees.
5. Take a holistic approach
More than ever, we recommend taking a holistic approach when reviewing your benefits this year. Our physical, mental, financial and social wellbeing needs are so intertwined, it’s vital the benefits on offer support all those needs.
Take a step back, review your scheme and make sure you’re not making benefit decisions in isolation.