A Complete Compensation & Benefits Strategy
From free coffee to discounted gym memberships, employee perks are an important engagement tool and often serve as a meaningful supplementary to overall pay packets but proving the true value of these ad-hoc benefits can be more than tricky – analytics are the answer, says one leading HR professional.
“You’re always under pressure to prove the value of programs,” says Nancy Inberg, director of compensation and benefits at Aon. “Great reporting and metrics will definitely be helpful in maintaining the business case,” she adds.
Ingberg currently relies on an extensive employee-discounts program operated by Venngo – she and total rewards specialist Jimmy Chen implemented the program earlier this year, after abandoning their own internal approach which offered about 10-15 concessions.
The current program, WorkPerks
, not only offers in excess of 1,200 employee discounts (over 400 of which are health and wellness related) but also provides valuable data on usage, engagement, traffic, activity, transactions and – perhaps most importantly – cost effectiveness.
“They’re real dollars that we’re asking employers to invest in their employees so we have an obligation to demonstrate the value of that investment,” says Venngo representative Joe Parent, explaining why the company offers such a wide range of tracking tools.
“We can come back to employers with a pretty good estimate of the savings that were delivered across their platform and they can compare that to the investment they made with us and it’s always multiples of what they actually invested,” he adds.
In some cases, the company can give employers an exact dollar amount to how much the employee has saved and significantly trims the time HR professionals spend on sourcing and managing their own ad-hoc internal discounts.
“We couldn’t possibly compete with it in terms of value for money and return on investment,” says Aon’s Ingberg, adding that it’s also possible for employees to see how much they’ve saved by using the exclusive vouchers.
“Just with typical use on everyday things, an average employee can easily save $1,000 or more per year,” says Parent. “That’s the equivalent of giving every employee a $1,000 raise.”
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Working with Canada’s top employers since 2000, Venngo promotes financial, physical and mental well-being. Over 300 health & wellness partnerships make it possible for individuals to more affordably pursue a healthy lifestyle and help employers reduce health care and benefits costs while creating a happy, healthy workplace. In total, Venngo’s more than 1,200 unique partnership relationships provide discounts that make it possible to save $1,000’s every year on a broad range of goods and services including everything from entertainment and travel to dining, clothing, electronics, home & auto insurance and more. Find our more at www.venngo.com