How to Build a Benefits Scheme That Maximises Value
It’s extremely difficult to build a benefits scheme that does everything you want it to, but there are a few things you can do to maximise its impact.
Yugi the Giraffe - 19 July 2019
When it comes to purchasing employee benefits, there are just so many options. It’s extremely difficult to build a benefits scheme that does everything you want it to, especially when so many companies take different approaches to what’s important in a benefits scheme. So what kind of scheme will be the most valuable for your team?
Think in the now
Financial benefits, such as pensions, life insurance or health insurance, are always highly sought after benefits that employees value. But benefits of this type only deliver value in the long-term.
This type of benefits protects your employees for the future, in case of illness, old age, or unfortunately, death. So there’s no doubt these are incredibly important for everyone - we all want to be prepared for these situations - but due to their nature, they sit at the back of your employees’ minds, waiting to be needed.
That’s probably one of the reasons why employees value them greatly: they just don’t want to pay for them themselves.
It’s a lot less fun to pay a monthly life insurance premium than book flights to Ibiza or have a big brunch with your mates. Even saving up for a house has more of an appeal - it doesn’t include thinking about the inevitable demise. In other words, your people prefer to spend their money on things that bring them immediate joy, that support their aspirations, or that give them something tangible.
So, even though these benefits are important and you should probably consider having them in your scheme to tick that long-term value box, you still need something that will spark joy immediately. Something your employees will use every day, and be happy to do so.
As you know well, employee benefits don’t only benefit the employees - they also benefit you, their employer. Employee benefits help with talent attraction and retention and employee engagement, and can be a great way to improve company culture. Some - or all - of these are probably the reason why you’ve purchased employee benefits in the first place.
As much as we’re all for immediate value, we also think it’s important to think about building meaningful, long-lasting habits for your employees and also for your company culture. Sure, giving your employees rewards like free cinema tickets or discounts for their shopping sprees is great and we fully support treating your employees like that - but we think there’s a way to add to them and in the grand scheme of things, make them even more meaningful.
A great way to do that is to inspire your employees by investing in their wellbeing. Adding wellbeing benefits to your scheme will not only create a company culture that puts an emphasis on being healthy, but it will also help your employees maintain their newly formed habits in the long-term. People also generally appreciate things they’ve worked for more than if it was just given to them, so it works both ways.
By doing so, you’ll add to the regular advantages of employee benefits - your people will take less sick days, they’ll be more productive, and they’ll be grateful for your efforts to take care of them.
Maximising value in your benefits scheme is all about keeping a nice balance between the long- and short-term, between what your employees perceive as valuable and what your company values.
You can do that by purchasing multiple benefits, but make sure you’re mixing them up. Don’t get 3 different wellbeing benefits but give your employees no safety net for the long-term, just as you shouldn’t give them a pension and 3 types of insurance but nothing fun.
Alternatively, you can find a benefit that does all of that for you. For example, yulife’s company life insurance policies come with a wellbeing app that rewards your employees for living well. By taking part in simple, healthy activities such as walking or meditating, employees earn yucoin, the wellbeing currency. They can then exchange their yucoin for Avios air miles and gift cards from brands like ASOS and Amazon.
That way, your employees get the long-term value of life insurance and the short-term value of the wellbeing benefits and rewards - while you get to enjoy the advantages of a healthier, happier and more productive workforce.
If you want to learn more about YuLife and how you can give your employees long-term financial protection, alongside the valuable mental health and wellbeing benefits they need to thrive, request a callback from one of our experts.
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Yugi is our YuLife mascot. Like all giraffes they've got a big heart – in fact the biggest heart of all land animals.