The Matrix to Design Employee Benefits for 2024
New research has emerged highlighting 75% of companies don’t offer specific employee benefits in line with their different workforce demographics – despite 61% of employers stating they receive active requests from their teams for wellbeing support relating to demographics such as gender and age. And with latest statistics predicting UK employers are losing up to £15bn per year from unused benefits that don’t resonate with the needs of their workforce, it’s time for new approaches.
So, what how should businesses be approaching employee benefits in 2024?
The power of personalisation.
The current benefits landscape presents a bleak outlook. Despite employees navigating an intensely challenging climate, the gap between their needs and what employers are bringing to the table only seems to be widening. Employees now view their benefits package as a fundamental means to support each area of their wellbeing – 66% believe this holds equal or more importance to their salary, and 75% say they’re more likely to stay within their organisation due to the perks available to them. Yet, just 18% believe their employer fully understands their needs – leading to global satisfaction with benefits to stand at its lowest in 10 years.
Whilst many organisations offer benefits, all too often these undertake a blanket, tick-box approach that doesn’t address the unique and evolving needs of their workforce. The result? Under-utilised perks, poor return on business’ investment and damaged employer brands.
Each business is brilliantly unique, with a diverse breadth of needs across multi-generations of talent. So, benefits offers in 2024 must now reflect this. The workforce doesn’t stand still – so why should its perks package?
As a result, there’s no one-size-fits all solution for employers to adapt. That’s why Rippl’s Benefits Matrix provides a framework for businesses of all sizes and industries to design, deliver, define and deploy an offer that’s exactly right for them and the needs of their teams.
The Employee Benefits Matrix.
In just 4 steps, employers can redefine how they approach their benefits strategy by shifting their focus to its core purpose: their people. Effective programmes centre around how and why businesses can meaningfully support their teams to be their best – and this looks different in each organisation. The Benefits Matrix incorporates all corners of this through:
- Providing a feedback framework to understand the diversity of needs across the workforce through employee ideation routes and market research ideas, with helpful prompts to get the ball rolling.
- Outlining a bespoke and tiered package scored on strategic objectives specific to the organisation including the wellbeing focus, target demographic, industry desirability and business urgency of each perk.
- Establishing the success measures for the package as a whole to evidence both short- and long-term impact.
- Identifying the features and capabilities of a best-fit benefits programme to deliver success.
Ready to get started? Find your Benefits Matrix for 2024 in our brand-new Ultimate Guide to Employee Benefits by downloading your free copy here.
Interested in reassessing your current offer? Chat to us.