HR REWARD AND BENEFITS
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The A in attracting,
woolly or paternalistic approach to employee benefits won’t cut the mustard at most businesses today. In workplaces dominated by
return on investment (ROI), key performance indicators (KPIs) and other measures of performance and effectiveness, building a reward strategy
based on what might be ‘nice to have’ is jarringly out of place. That said, considering the important role benefits can play retaining, motivating and engaging staff,
few employers have succeeded in aligning reward to overall business strategy. Is it time to consider reward and benefits in a different, more searching light? “Employee benefits should always be aligned with your
employees’ wants and needs,” says Daniel Kasmir, chief HR officer at wealth management company, FNZ. “That sounds obvious, but many companies have instigated and rolled out a mish-mash of benefits over the years, such as childcare
A good pay and benefits package can be key in retaining and incentivising staff, says ROB GRAY, but it has to work for the business too
vouchers and family healthcare, to find, post survey roll-out, that the majority aren’t married and under 26 years of age, without children. They then wonder why take-up was so limited and staff morale at an all-time low.” But good research naturally has an important role to play in shaping how to reward and engage with employees. Construction company Balfour Beatty recently carried out research into its employee promise, what it was that attracted employees to the company, what they liked about it and what encouraged them to stay. “This has shown us that having a fair pay and benefits
package is more important to our people than individual benefits,” says Penny Davis, people and talent director, Balfour Beatty Services. “New employees don’t accept or
Fernando Volken Togni
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