Benefits should focus on risk
Posted on November 15th, 2012 Read time: 1 minutes
In an interview with Workplace Savings and Benefits, Gary Simmons, partner at Mercer, said employees should spend more time understanding the risks associated with benefits packages than all the options available. Likewise, human resources departments should also evaluate what benefits are being offered to workers based on associated risks.
According to Simmons, the way companies manage workforce benefits and compensation is changing rapidly in light of new technology and an unstable economic environment. As a result, human resources departments must help executives understand what measures to take to get the most of their benefits offerings to enhance results and the bottom line.
"Companies need to know which benefits encourage employee well-being, drive profitability and productivity, and which benefits minimize risk, and support business continuity and strategy," Simmons explained. "The problem we're seeing at the moment is the idea that it is enough to simply give employees choice."
Instead, Simmons recommends companies look closely at what risks are trying to be mitigated for the company and employees through workplace benefits. Employers have to weigh both the needs and concerns of employees as well as the financial stability of the business when selecting benefit options.
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Posted on November 15th, 2012 Read time: 1 minutes
In an interview with Workplace Savings and Benefits, Gary Simmons, partner at Mercer, said employees should spend more time understanding the risks associated with benefits packages than all the options available. Likewise, human resources departments should also evaluate what benefits are being offered to workers based on associated risks.
According to Simmons, the way companies manage workforce benefits and compensation is changing rapidly in light of new technology and an unstable economic environment. As a result, human resources departments must help executives understand what measures to take to get the most of their benefits offerings to enhance results and the bottom line.
"Companies need to know which benefits encourage employee well-being, drive profitability and productivity, and which benefits minimize risk, and support business continuity and strategy," Simmons explained. "The problem we're seeing at the moment is the idea that it is enough to simply give employees choice."
Instead, Simmons recommends companies look closely at what risks are trying to be mitigated for the company and employees through workplace benefits. Employers have to weigh both the needs and concerns of employees as well as the financial stability of the business when selecting benefit options.
