Am I getting best value from my employee benefit provision for my employees?

The key to answering this question is in the ‘usage data’ supplied by your employee benefits provider.
Minimum key aspects we suggest to look for are as follows:
  • Number of employees that have registered to use the programme in the last 12 months?
  • Number of employees who have logged on within the last 3 months?
  • Total amount spent through the platform on Gift cards, vouchers and digital codes – previous quarter and year?
  • Total savings made by your employee based on Gift Cards, vouchers and digital codes – previous quarter and year?
  • Total savings made by your employees on cash back shopping via your platform – previous quarter and year?
  • Number of new offers added to the platform in the last 3 months?
Some key questions to ask yourselves are:
  • When did I last communicate the new offers out to my employee base from the offline communications received from my supplier?
  • What questions shall I ask about the benefits provision in the next employee survey?
  • What questions shall I feed the line managers around employee benefits for their one to one meetings and open forums.
  • What are my benefits champions telling me?

How much does a good reward programme cost?

A well structured reward programme should prove to be
self-funding e.g paid for by the improvements it generates within an
individual, team and your overall business.
A core element of any reward programme is to define your core measures of success.
Establishing your S.M.A.R.T. objectives from the outset is critical and how you measure your
programme impact is a core element within these objectives.
Typical measures, depending on your specific company requirements, should include but not be
restricted to the following examples:
  • Performance improvement versus the same period last year
  • Employee retention or attrition rates
  • Employee satisfaction score
  • Cost reduction achieved
  • Service improvement score attained

How Many Employees Do You Need Before You Start An Employee Benefits Programme?

Companies with as few as three employees are eligible for a selection of great programmes that are readily available for everyone in the team to benefit from. With programs such as our Everyday Savings platform which includes; exclusive savings on the top highstreet stores, dining out, days out, leisure activities and much more. Through to our Health & Wellbeing solutions from as little as £1.60 per week per employee.

How Do I Ensure All of My Employees Are Aware of The Benefits That Are Available To Them?

The partner for the employee benefits scheme should help with this. We would work with you to build and execute a communications plan, this will focus upon your particular requirements and location of your employees. The plan and approach will include office and remote workers, part time and full time employees as well as online and offline communications. The measure of our success is defined through the use of our solutions by your employees.

Our Well-Paid Sales Team Have Plateaued! How Can We Motivate Them to The Next Level?

Reward & Recognition play a key role in the continuous motivation of any individual or team. A well structured Reward & Recognition programme focuses upon the core KPI’s associated within a particular role of an individual or a team. A clear measurement that when exceeded triggers recognition and, where appropriate, a reward. We like to align these to stretch targets as we know how hard it is to change a basic salary or a commission package. Take time to agree the stretched targets beyond the individuals ‘normal’ performance and clearly specify the rewards available upon achievement. A key point to note here, is that the rewards should be self funding through the achievement of the stretched target. Supplying the rewards of choice also further engages an individual or team. By this, do not assume that because you like a particular retailer that your entire team will think the same way. Give them choice within a reward value and avoid cash payments as they need to remember the reward! Cash should be used to best effect in the basic salary and associated commission or bonus elements, rewards are about a celebration of achievement. Recognition is just as important, so carefully think about how the individual or team will be recognised and how often recognition will be given. For more top tips please contact us.

How Do I Measure the Impact of Our Reward Programme?

Measuring your reward programme is critical to its ongoing success. Some rewards are easily measured if they are part of a sales performance programme or aligned to Key Performance Indicators. In this type of programme, the rewards should actually be self-funding through the performance improvement which keeps both the Sales and finance Directors happy! The key is to ensure the measures of success are predefined by the key stakeholders and communicated to all.
More detailed, just as important, reward elements such as milestone achievements, workplace peer to peer nominations & manager nominations are all still impacting on performance & team morale and as such are intertwined. Measures for these should be included in the performance review process as a core discussion. When and why did the employee nominate a colleague for
recognition or receive a nomination from a colleague or line manager? How did it make them feel? What was their colleagues reaction? How has it impacted on their role? Employee surveys are also a great tool to understand how valued or recognised the employee feels. Remember, recognition is just, if not more, important than the reward its-self.

CIPD Research Ways To Combat Employee Money Worries.

After the Christmas Period is when financial anxiety sky rockets, CIPD researched this matter and found that 1 in 5 are losing sleep at night due to money worries and that this lack of sleep is having a profound effect on their ability at work.

In a segment on BBC Breakfast this morning (11/1), Charles Cotton talks money worries with the country and spoke about the research the CIPD have conducted on the topic. Talking with the interviewer, a statistic was aired that stated it is not only low-income families that have money worries or money anxiety.

Charles Cotton can be seen saying that employers can provide certain things in order to help bring those money worries down, such as; training, ways of development in order for the employees to move up the corporate ladder, guidance in terms of being financially smart and education in terms of how to handle money and what is best for their money & finally he mentioned striking up deals with local businesses such as hairdressers and retailers to give the employees discounts on the luxuries that surround them.

Find the clip here –

What Makes A Good Reward Programme For 2017?

The key criteria to truly engage your target audience is to provide them with a reward of their choice within your means. Whether you reward £10 or £1000 to an individual against a key criteria as defined within your reward strategy, they are far more engaged and motivated when they select their own reward.
To test this theory, ask 10 people where would they choose to spend a £50 reward if given the option of all of the major UK retailers, leisure activities, dining out or days out to choose from? I bet you will receive at least 6 to 8  different answers from the 10 people you ask.
Gone are the days of the organisation predefining a solus brand to reward their employees, as we know from our data even the most popular retailer only appeals to 1 in 10 people when given a choice.