What's the estimated number of times "Sweet Caroline" has played in the middle of the eighth inning at Boston Red Sox games since 2002?
ANSWER: 1,148
Join Our List
TBRNews:
The Return on Your Benefit Investment: Part 3 of 3
January, 2017
Calculating the ROI for the company's benefits is often a leap of faith. It is definitely a hard number to calculate. Can you define the return on your company's investment for the employee benefit platform you offer?
Part 3 of our 3-part series on what employees are looking for in today's benefits, will review the return on investment for the benefits you offer.
Just because something can't be easily measured
doesn't mean it has no value.
Most HR professionals and corporate executives firmly believe that comprehensive benefits lead to more engaged, productive and healthy employees - not to mention providing a compettive edge when it comes to recruitment and retention - but they can't prove it.
We do know employees hold benefits in high regard:
Benefits are the 3rd highest factor contributing to job satisfaction.
In private industry, benefits account for 30% of total employee rewards.
Maximize the value of your benefits:
To make sure you receive the maximum value for what you offer:
Communicate what you have
Consider using a total rewards model in which salary, bonuses and benefits are combined into a dollar value and explained to employees as part of their total compensation.
Know your employees
Conduct surveys & convene focus groups around benefits
Interact with employees. This helps to develop a common focus for the process of examining benefits.
Link benefits to the business
Partner with finance and other departments to establish priorities and determine what to assess. Identify business needs and explore how benefits can influence desired outcomes.
Benefits are not a silo, they need to integrate with safety, marketing, and corporate goals and objectives.
Data- without it how can you assess the Return on Investment
It's hard to believe that in the age of "big data" it is not easier to prove the effectiveness of benefits.
Crunching the numbers cannot confirm with certainty whether a company would do better to invest in a 401k plan match or foosball tables - but it can help.
Constant evaluation and assessment of current offerings, a review of new trends and the availability of new products - help keep the benefits fresh and maximize their impact..
The corporate culture, type of employee and engagement goals can help guide the process.
Look to your employees for your true ROI. When your benefits meet the employees' needs, employees can focus on excelling at their role(s) in the business - your business.
This update is a publication of TBR Associates, designed to highlight employee benefit matters of interest to our readers. The information contained in this publication is meant for general educational purposes only.
