How to get your
board ‘on-board’ when it comes to benefits
15 February 2016
When I was speaking to delegates at last week’s REBA New Year Lectures, it was clear that there is a shared belief that company wide support is necessary for any benefits strategy to succeed.
Your objectives and expected outcomes
Your HR policy and processes
Your project stakeholders
Your “ideal” journey
Your existing benefits and categories
Your new benefits and initiatives
Even so, there is often a mismatch between what the benefits strategy does and what the main company board are trying to achieve for their business. This often acts as a barrier when HR professionals are trying to get buy in for changes in the benefits area (and/or budget) from their key board members.
In the land of glitzy solutions and products, often organisations forget to ask themselves “what business objectives does my benefits strategy achieve for us?”
One example of this mismatch we often come across is where an organisation is trying to attract new employees and a HR benchmarking exercise has revealed that a more competitive salary and benefits package is needed. However the FD has competing priorities to manage eg annual salary increase, additional costs due to re-enrolment, L&D and Living Wage costs. So, offering competitive terms and benefits to new employees may not be a priority to the FD.
So, how do you get your board members engaged and buying into your benefits strategy and objectives? We have identified six key areas that you should consider at the initial ‘pencilling out stage’.
Considering these areas at the outset should help you to write a short, compelling story that helps the business (and later your employees) understand what’s being rewarded and recognised, why and how.
A big part of your overall business costs are people. Employers need to work out the effectiveness of their reward spend to make it more relevant to their employees and the business. HR will then be able to demonstrate itself as a strategic function that adds value to the business, rather than as an administrative department dealing with day-to-day issues.
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