Client
The client was a small UK-based Head Office for a global growth investor, with hugely diverse employee specialisms. The organisation is a market disruptor.
Solution
- Designed and facilitated a benefit strategy session to align to organisation culture and values.
- Performed a full benefit benchmarking review and produced a GAP analysis.
- Evaluated benefits against the organisation's wellbeing pillars/principles.
- Provided ideation and encouraged team participation to identify pioneering and market challenging benefits for each of the wellbeing pillars.
- Provided flexible cost modelling for all leave-type benefits.
Challenge
- The client wanted to be a market pioneer on benefits, but needed to maintain a cost neutral position to justify return on investment.
- The client was introducing new cultural values so needed to ensure benefits aligned to these.
Impact
- Client now has a clear benefit strategy and principles aligned to the market challenger brand and the wellbeing pillars.
- Clear assessment of the existing benefit proposition against the new benefit principles and the proposed Wellbeing Pillars and complete a GAP analysis.
- Client understands competitive positioning within the market and has the benefit of ideation of potential market challenging or pioneering benefits to align to the wellbeing strategy and explore potential benefit providers.
- Client understands the potential impact of any changes to benefits / introduction of new benefits and cost modelling policies providing life leave to understand impact of changes.
Context
The client was a small UK-based Head Office for a global growth investor, with hugely diverse employee specialisms. The organisation is a market disruptor. They wanted a review of their existing benefits to identify a change programme and investment strategy to move to a pioneering benefit proposition. The global brand were introducing new cultural values to better align to their corporate strategy and brand identity and wished to review their benefit offering to ensure it underpinned the organisational culture and values for the future.
The Problem
- The client wanted to be a market pioneer on benefits but did not know where their benefit proposition sat against the market.
- Client needed to maintain a cost neutral position to make savings and justify investment.
- Client was introducing new cultural values so needed to ensure benefits aligned to these.
Which meant:
- Risk of drifting away from benefits strategic goals and brand identify / values.
- Risk of low employee engagement in existing benefits due to lack of alignment to culture.
- Risk of enhancing the benefit proposition to drive employee satisfaction whilst maintaining at cost neutral.
- Risk of potentially identifying “market challenging” benefits that may not be valued by employees.
The Tension
The client wanted to be a market pioneer on benefits and so needed to review their benefit proposition against the market but needed to maintain a cost neutral position to maintain budget and justify investment. The client needed to find a balance between a generous benefits proposition, cost, employee engagement and value for money.
What Reward Heads did
- Aligned benefits strategy to the corporate culture and values via designing a strategic benefit workshop for the client to facilitate to identify the philosophy, strategy, and principles.
- Diagnosed where benefits did not align to market and/or their benefits strategy through an in-depth benefits review looking at pioneering and market-challenging benefits, including providing insight into market disruptors with risk analysis and recommendations.
- Evaluation of existing benefits against wellbeing pillars and a deep-dive into benefit take-up rates, usage rates, per-head costs and employee feedback, providing a GAP analysis.
- Prepared a report and recommendations for leading-edge benefits practice for up to 3 cultural pillars and opportunities for smart disruption.
- Designed flexible cost/benefit modelling with variables and parameters for all “leave” type benefits, using employee HRIS data to ensure cost neutrality.
Business Impact
- The benefit recommendations more closely aligned to and underpinned the culture and wellbeing values of the organisation, aiming for greater employee engagement and satisfaction.
People Impact
- Employees were able to engage with benefits recognising that they were aligned to the wellbeing pillars (values) of the organisation and better understood the value of the benefits and how they compared to market.
Which resulted in …
People Team have clear vision of the art of the possible for pioneering benefits and understand the cost implications.
Benefits align to the corporate culture and values and drive better engagement and satisfaction for employees.
If this feels familiar …
Clients can sometimes find it difficult to see the wider context of reward when working within a business, and having an external consultancy service engaged on the project can bring better creativity and ideation to the team.
