May 11, 2023
Use Cases For Benefits & Rewards Professionals
Benefits & Rewards professionals are currently facing a range of challenges in their organizations. As a result, finding innovative solutions that address these challenges while balancing the needs of the organization is always top of mind.
Challenge – Dealing With Turnover & Retention
Today’s job market makes it difficult for Benefits & Rewards professionals to attract top talent. They need to offer competitive compensation and benefits packages that are attractive enough for employees to join and stay with a company. Burnout and a decrease in employee engagement continue to be other factors that can hurt retention rates. The line between cost management and satisfaction is thin, and it could be growing even more narrow:
Challenge – Cost Management
Budget constraints create a challenge for employers because there’s the need to balance the need to offer competitive compensation and benefits with the need to manage costs and stay within budget. Investing in multiple solutions can help offer different options to employees but can quickly add up and end up being too expensive.
Challenge – Building A Culture Of Well-Being
One of the biggest challenges that Benefits & Rewards professionals face when creating a culture of well-being is employee engagement due to lack of time or interest. Another challenge is measuring ROI for well-being programs. It can be difficult to quantify the impact of well-being programs on employee productivity and healthcare costs, making it challenging to justify the investment in these programs.
Challenge – Promoting Flexibility & Inclusion
With diverse workforces ranging from Baby Boomers to Gen Z, every employee comes with their own unique needs and challenges. Not to mention with the rise of remote and hybrid work models, they are now spread across the world. Another challenge is making sure that all races, ethnicities, and backgrounds are accounted for when making decisions about benefits packages. Overall, when it comes to building a benefits package for employees, it can be difficult to find something that works for everyone.
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