Are Employee Benefits Good For Your HR Strategy?
HR managers trying to formulate a strategy for the 21st century economy have often been perplexed by the issue of employee benefits; after all, it’s virtually indisputable at this point that employee benefits are vital towards your company’s long-term success, but does that necessarily mean they should be a central tenant of your company’s overall HR strategy?
Here’s why HR managers across the nation are thinking when it comes to relying on employee benefit-based strategies, and how you can incorporate benefits into your long-term strategic thinking.
When it comes to HR strategy, benefits are a must
One thing needs to be made clear right from the get-go; when it comes to formulating your long-term HR strategy, you absolutely cannot afford to ignore the role of employee benefits. While many managers in the digital age have been slow to incorporate employee benefits into their broader strategies, those companies which have realized the important roll employee benefits play when it comes to ensuring worker productivity have been thriving. Benefits strategies aren’t yet totally commonplace, but in the future, they’ll become absolutely necessary to any HR department’s efficacy.
Codifying your employee benefit strategy can do wonders for improving the health of your employees, which will, in turn, boost their overall productivity. Benefits overwhelmingly produce greater employee happiness, particularly since they make your employees feel as if they’re a part of the family, rather than mere office drones being exploited by oft-unseen bosses. That’s why codifying said benefits, like local discounts and coupons, and incorporating them into your broader HR strategy is a vital step towards building a lasting familial culture within your company.
For many HR managers, however, the greatest hurdle towards incorporating employee benefits into their company’s strategy is the fact that too many businesses are locking out HR entirely when it comes to plotting the company’s long-term future. Strategies for the HR department are vital towards your success as working professionals, especially if you want to attain your end-goals, which is why it’s important to master building a successful HR strategy. You shouldn’t stop there, however; your HR strategy can be implemented on a company-wide basis, and if your managers aren’t incessantly lobbying the higher-ups to incorporate broader worker benefits, they’re letting their employees down.
It’s not only from a sense of charity that HR officials should be feeling the urge to incorporate employee benefits into their strategies, but also from a sense of business productivity. The most desirable benefits overwhelmingly boost the physical and mental health of your workers, meaning they can be relied upon to be more productive, handle greater responsibilities, and show up for work that they may have otherwise missed due to health concerns. If you haven’t held an HR-wide meeting to discuss adding these benefits to your HR strategy, your department needs to re-evaluate its priorities.
Your workforce needs a benefit-strategy to stay on its toes
If you’re not putting your employee’s health first, you can’t expect them to be giving their all when it comes to working for the company. There are many sides to the debate surrounding whether HR should be in charge of incorporating employee benefits into the company’s broader strategy, but the consensus seems to be that failing to delegate this task to HR is a surefire way to lose out to competitors who do so. It’s not easy to ask your HR staffers to take on an additional workload, but a failure to pay benefits the attention they deserve will assuredly dampen workplace morale while reducing overall efficacy.
If your workforce and financiers don’t have to worry about their benefits, being assured that they’re in the good hands of the HR department, it will be like taking a massive weight off their shoulders. Similarly, benefits often contain sensitive data like payment levels or personal health issues, so keeping it within the HR department is a great way to ensure the privacy of your employees, which is more important in this age than ever before.
HR managers shouldn’t allow their departments to fall behind by failing to pay attention to employee benefits when it comes to the overall formulation of their broader strategy. A failure to put these benefits at the forefront of your thinking will result in dismal workplace morale and a general sense of resentment within the ranks of your employees, so think twice before totally dismissing HR-based employee benefit strategies.
If you’re still confused, check out this detailed guide on how to design and implement your employee benefits program from the ground up. Above all else, get started incorporating benefits into your strategic thinking now; a failure to consider benefits when it comes to your long-term strategy is an ideal way to ensure your company remains a relic of the past while your competition thrives in the 21st century market.
I am a HR director with extensive experience of working for international premium and luxury brands. From this I have built a broad experience of working across Europe and dealing with colleagues in the US and China. I am a pragmatic and commercial person with strong analytical skills which help when making decisions and recommendations. I...