Employee benefits are a cornerstone of workplace satisfaction and retention. By offering your team the right mix of benefits, you will not only attract better talent but also boost employee engagement and better support the overall wellbeing of your workforce. However, it’s important that the benefits you offer are those your team actually value and have relevance to their daily lives. An outdated or misaligned benefits package can lead to dissatisfaction and missed opportunities for improving employee health and productivity. This is why it’s important for any organisation to regularly review its benefits package to ensure it remains competitive, relevant, and cost-effective.To help you in this process, below are seven steps that HR managers can take to conduct a thorough and effective review of their organisation’s employee benefits package.How to Conduct an Employee Benefit Review:1. Assess the Current BenefitsStart by taking stock of your current benefits offering. Make a comprehensive list of everything your organisation provides, from Group Health Insurance and pensions to wellness programmes and flexible working arrangements. It’s essential to understand what’s working and what isn’t, so dive into the data, and identify: Which benefits are employees actually using? Are some offerings being overlooked? This is where employee feedback becomes invaluable. Conduct surveys or hold focus groups to gather insights into which benefits your team values and where they see gaps. Employee preferences may evolve over time, so a data-driven understanding is key.YuLife’s app-based platform makes this easier by engaging employees directly with benefits. Through gamified wellness challenges, employees not only take advantage of the health and wellbeing initiatives offered, but they can also earn YuCoin, which they can redeem for vouchers with leading retailers and charities, allowing HR to track engagement and usage in real time.Our data shows that an amazing 72% of employees with access to employee benefits through YuLife download the YuLife app, while 43% have used it at least once in the last month, and 17.4% log on up to 5x a day. 2. Benchmark Against Industry StandardsOnce you’ve assessed your current benefits, it’s time to benchmark them against what your competitors are offering and figure out: Do your benefits match up with industry standards? Use reports and data from industry bodies or engage with a benefits consultant to compare your package. Identifying gaps in your offerings can give you a strategic advantage in the market, allowing you to attract talent that might be swayed by a more competitive benefits package.For example, YuLife’s unique wellness-driven approach can help differentiate your company from competitors. With its focus on promoting employee health and wellbeing through daily challenges, our platform not only encourages healthy habits but also adds value to the employee experience, making your benefits package more attractive.3. Align Benefits with Organisational GoalsYour benefits package should reflect your organisation's broader objectives. If your company prioritises employee wellbeing, sustainability, or diversity and inclusion, your benefits should support these goals. Aligning benefits with company culture and objectives helps build a cohesive environment where employees feel supported both personally and professionally.Take a close look at your budget as well. While reviewing the financial implications of your benefits package, consider whether certain offerings are cost-effective and if any underutilised benefits could be replaced by options that better meet employee needs. YuLife’s emphasis on health and wellbeing offers a cost-effective way to promote productivity while simultaneously reducing absenteeism, enhancing both company performance and employee satisfaction.4. Ensure Legal and Regulatory ComplianceStaying compliant with local employment laws and regulations is critical when reviewing your employee benefits package. Legislative requirements regarding pensions, parental leave, and health and safety can change, so it’s important to keep up to date with the latest guidelines. Failing to comply could result in costly fines and potential damage to your reputation as an employer, which can be hard to recover from.Consult with legal professionals or benefits consultants during your review process to ensure your package remains compliant. YuLife, for example, integrates benefits that not only comply with current wellness standards but also push the envelope by prioritising mental and physical health in a way that’s simple, fun, and fully customisable to fit evolving regulations.5. Explore New and Innovative Benefit OptionsIn an increasingly competitive employment landscape, staff expect more than just the basics. Today’s workforce values flexibility, mental health support, and a good work-life balance. Innovative benefits like mental health services, such as YuMatter, YuLife Employee Assistance Programme, wellness allowances, or financial wellness programmes, can help your organisation stand out.6. Communicate Changes EffectivelyOnce you’ve completed the review and are ready to introduce any updates or new benefits, communication is crucial. Employees need to fully understand what’s available to them, and more importantly, how they can take advantage of these benefits. Develop a clear communication strategy, using various channels such as email, intranet, or even workshops, to ensure that the message reaches everyone.For example, YuLife’s Wellbeing Hub lets you create a bespoke platform with direct links to all of your employee benefits, policies, tools and services. This makes it simple and easy to use and understand, which helps drive our high engagement rates.7. Set a Regular Review CycleEmployee benefits are not a ‘set it and forget it’ process. It’s important to establish a regular review cycle, whether that’s annually or biennially. Continuous evaluation of employee feedback, benefit utilisation, and industry standards ensures that your benefits package evolves alongside your workforce’s needs.YuLife’s platform also provides ongoing insights into employee engagement, helping you stay agile and make adjustments where necessary. With a data-driven approach to wellbeing and benefits usage, HR can proactively adapt to changing employee preferences and maintain a competitive edge.In ConclusionAn effective review of your organisation’s employee benefits package can make all the difference in retaining top talent, supporting employee wellbeing, and ensuring organisational success. By following these steps — assessing current benefits, benchmarking against competitors, aligning with organisational goals, ensuring compliance, exploring innovative options, communicating clearly, and reviewing regularly — you can ensure your benefits package meets the needs of your employees and your business.About YuLifeYuLife is an employee benefits and wellbeing app that’s reimagining the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.