Using Benefits as a Differentiator
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This document discusses using benefits as a differentiator for employee value proposition (EVP). It notes that employers need to revisit the benefits they offer to determine the perceived value by employees versus the real costs. The goal is to optimize total rewards by enhancing the benefits offered to better support business objectives while being valued more by employees. This involves communicating benefits effectively using various online tools and messaging to better align the perceived and actual value of the rewards program with the company's EVP.
Using Benefits as a Differentiator
- 1. BENEFITS AS A DIFFERENTIATOR NHRD: National Summit on Compensation & Rewards
- 2. Employee Value Proposition (EVP) Types of Rewards ? Affiliation: Values, Mkt Position, Work Environment ? EVP:- balance between the rewards an employer offers ? Compensation: Base salary, Bonus, Incentive and the expectations they set in lieu of those rewards. ? Benefits: Health, Retrial, Perks, ESOPS, Paid holidays, Club memeberships ? Career: Growth, Development, Security ? Work Content: Challenge, Impact, Structure, Empowerment, Diversity
- 3. What employees Want? Employers need to revisit the benefits they offer their employees, and figure out the perceived value employees place on various benefits. Ideally for organizations would be to club all the benefits together, to their plans and show the gaps between perceived value by employees and real cost to the company. The new benefits may be incremental or replacement to what is already offered with higher perceived value (and maybe lower costs). The end result should always be enhancing the overall EVP and organization objectives.
- 4. Total Rewards Optimisation Extent to Extent to which which total rewards total rewards support the are valued by business Total employees objectives Rewards Optimization Total investment and cost structure
- 5. Communication ? Generate attention, ? Easy access to general and personalized information about create Total Rewards to ensure employees know what the understanding, organization provides and how to use/participate. Tools: build engagement, Online content Personalized statements align the ? Easy-to-use tools and resources to help employees gain the experience with most value from what the organization provides. Tools: the EVP, inform Modeling tools online transactions, Interactive media. the benefits, drive action ? Integrated messaging to align perceived value with actual value. Tools: Stories/testimonials, promos, message driven content
- 6. Thank You .