Are you getting everything that you can from your employee benefits? Come to that, are your employees getting everything they can?
Beyond the Perks, Maximising Value from Your Workplace Benefits examined the rewarding of employees from every angle – HR, benefit provider and payroll – offering a detailed and practical guide to taking impactful steps in benefit design, implementation and take-up. With Caroline Woolland, HR Director at The King’s Fundproviding the HR perspective, Murray Humphrey, Head of Partnerships at Penfold diving in depth on the pensions front and Roxanne Slevin MCIPP, Policy and Research Officer at the Chartered Institute of Payroll Professionalscovering off the compliance and legislative point of view, this was a discussion that was comprehensive in its coverage of the hows and whys of benefit provision.
What emerged from each of these perspectives was the potential of benefits to bring advantages to the organisation while also offering a range of opportunities to employees. Woolland explained how organisations could combine employee demand and and employers’ desire to improve engagement and retention to create benefits that really do have an impact. At the same time the importance of communication and education was made apparent in order to ensure employees understood what was on offer an how best they could access their benefits.
Murray Humphrey explained that pensions were not a case of convincing employees to use them in order to prepare for later, but that they were also good from a perspective of savings money in a cost and tax effective way. Meeting payments and targets could be incentive enough for uptake.
Meanwhile it was clear that a dialogue between HR and payroll to promote awareness of the ever changing legislative field around benefits would continue to mean that benefits could be provided to employees in the most effective way for organisations from a compliance and financial point of view.
The provision of pensions for employees is no longer just a case of signing on employees and waiting for the paperwork to be delivered, but the right provider can offer a dynamic and proactive service that will encourage uptake and the efficient use of this long-term saving structure. Viewing this HR World Insights Session will give everyone in HR and throughout the business a clear way forward to ensuring everyone truly benefits from the work they do.
