Samantha White and Jack Hagel: 5 Steps To Update Your Company Benefits Plan

1. Align the benefit strategy with business objectives - Revisit the strategy regularly to ensure it evolves as regulations and employee requirements change, while still supporting business priorities.
2. Aim for consistency with local relevance - Cultural differences among locations can be accommodated if they are in keeping with the commonalities that support the company’s underlying principles.
3. Provide core security and increase employee choice - Health cover, life insurance, and a pension are among the core benefits that provide employees with financial security.
4. Educate employees about the benefits program - Explain how it fits in with the company’s goals and rewards policy to boost employee appreciation
5. Deliver high-performing program - Design best practices based on research into employee behavior. Improve administrative efficiency.

Source: Willis Towers Watson
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