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Employee Experience Matters

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Employee Experience Matters

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Do your benefits align with your organization’s values and connect your employees to your mission? In a 2017 survey, polling organization Gallup found that only 41 percent of U.S. employees said that they knew what their company stands for. The same research showed that a 10 percent improvement in this understanding led to an 8.1 percent decrease in turnover and a 4.4 percent increase in profitability.

Used correctly, your benefits package can demonstrate your values and create a better experience for your employees, whether they’re at work or at home. Join BambooHR and League to explore how to use your benefits program to promote an improved employee experience.

Do your benefits align with your organization’s values and connect your employees to your mission? In a 2017 survey, polling organization Gallup found that only 41 percent of U.S. employees said that they knew what their company stands for. The same research showed that a 10 percent improvement in this understanding led to an 8.1 percent decrease in turnover and a 4.4 percent increase in profitability.

Used correctly, your benefits package can demonstrate your values and create a better experience for your employees, whether they’re at work or at home. Join BambooHR and League to explore how to use your benefits program to promote an improved employee experience.

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Employee Experience Matters

  1. 1. E M P L O Y E E E X P E R I E N C E M AT T E R S : How to Create an Experience that Attracts and Retains Top Talent
  2. 2. bamboohr.com league.com Employee Experience Matters Cassie Whitlock Director of HR BambooHR Rob Galati Benefits Consultant League
  3. 3. Integrating Experience and Benefits
  4. 4. bamboohr.com league.com Employee Experience Matters Employee Experience Has Never Been More Critical
  5. 5. bamboohr.com league.com Employee Experience Matters How Did We Get Here? • Low unemployment rates • Easier job searching/recruiting capabilities • Remote working options • Gig economy/freelance trends • Rising employee expectations
  6. 6. bamboohr.com league.com Employee Experience Matters What You’ll Learn Today • How to integrate employee experience and employee benefits • Ways to strengthen your benefits offering • Effective techniques for providing employee benefits • How to encourage employee adoption of new benefits initiatives • Strategies to expand the impact of your benefits
  7. 7. bamboohr.com league.com Employee Experience Matters Old Employee Experience Concepts • Employee Engagement • Corporate Culture • Satisfaction Surveys
  8. 8. bamboohr.com league.com Employee Experience Matters Employee experience is now: • Workplace practices • HR practices • Management practices
  9. 9. bamboohr.com league.com Employee Experience Matters • Platforms and programs must work for employees, not just HR • Remove confusing/frustrating processes • Take a consumer-centric approach • You must match consumer experiences (Ex. Netflix, Uber, Amazon Prime) Focus on Integrating Employee Experience with Benefits
  10. 10. bamboohr.com league.com Employee Experience Matters • Payroll and PTO: make sure people get their pay approved • Compliance: make sure the organization avoids legal fees • Health Benefits: keep employees healthy so they stay productive Baseline HR: Financial Focus
  11. 11. bamboohr.com league.com Employee Experience Matters Benefit: a payment or gift, as one made to help someone or given by an employer, an insurance company, or a public agency.
  12. 12. bamboohr.com league.com Employee Experience Matters • Cosmetic “culture” initiatives: Xbox rooms, nap pods, etc. • Internal Employer PR: presenting values to your employees • Satisfaction: focusing on “happy” employees or a “fun” workplace Extra HR: Token Efforts
  13. 13. bamboohr.com league.com Employee Experience Matters For Someone’s Benefit (Idiom): So as to produce a desired effect in another’s mind, e.g., “I hope you like our new values. We paid our PR firm $10,000 to make them for us.”
  14. 14. bamboohr.com league.com Employee Experience Matters
  15. 15. bamboohr.com league.com Employee Experience Matters • Covers the essentials of Baseline HR • Addresses the hidden financial impact of Extra HR issues • Strategic HR helps the organization continue to develop and grow Strategic HR
  16. 16. bamboohr.com league.com Employee Experience Matters Benefit: Something that is advantageous or good; an advantage
  17. 17. Strengthening the Baseline
  18. 18. bamboohr.com league.com Employee Experience Matters 46% of employees said health benefits were a deciding factor in choosing their current job. AHIP Survey, 2018
  19. 19. bamboohr.com league.com Employee Experience Matters Table Stakes Objectives for Employee Benefits • Flexible enough to meet most needs and relieve stress • Strategic benefit options designed to improve the employee experience • Clear communication of experience philosophy and benefits offered • Incorporated into daily lives in meaningful ways
  20. 20. bamboohr.com league.com Employee Experience Matters Meeting Baseline Objectives: Steps to Success 1. Cross reference benefits survey with utilization report 2. Clearly connect benefits offered with organizational goals and mission statement 3. Develop and execute a year-long internal communications plan 4. Flagship opportunities for employee benefit utilization
  21. 21. bamboohr.com league.com Employee Experience Matters What Employees Expect: Medical Benefits • Financial security from catastrophic illness or accidents • Improved quality of life with preventive medicine • Conformity to the tradition of employer-sponsored insurance
  22. 22. bamboohr.com league.com Employee Experience Matters What Employers Expect: Medical Benefits • Compliance with the ACA and other government regulations • Long-term affordability to meet the budget • Increased productivity and reduced employee absence
  23. 23. bamboohr.com league.com Employee Experience Matters Benefits Scorecard – Employee Experience Scale: 1-6 with 6 being superb Provider A Provider B Provider C Provider D Customer Service 3 4 6 4 Web Tools 3 5 5 4 Telemedicine 2 2 5 3 Wellness 3 5 4 3 Network Size 6 4 3 3 Specialist Access/Price Point 2 3 4 6 Subtotal (Employee Experience) 19 23 27 23
  24. 24. bamboohr.com league.com Employee Experience Matters Benefits Scorecard – Employer Experience Scale: 1-6 with 6 being superb Provider A Provider B Provider C Provider D Ease of Administration/Web Tools 1 4 5 4 National Capabilities 3 2 4 4 Funding Options 2 3 5 3 Bundling (Wide Product Selection) 3 4 5 3 Multiple Networks 4 4 5 3 Subtotal (Employer Experience) 13 16 24 17 TOTAL: Employee + Employer 32 24 51 47
  25. 25. bamboohr.com league.com Employee Experience Matters Finding the Middle Ground Salary Medical Savings LEAD ✓ MATCH Median Income: $44,564 Average Premium/Deductible: $9,996/$7.983 (Up to 40% of Median Income) Average Company 401(k)/RSP Match: 4.7% of Salary LAG X X
  26. 26. Encouraging Benefits Adoption
  27. 27. bamboohr.com league.com Employee Experience Matters Encourage Benefit Initiative Adoption • Positive customer care interactions • Consolidation of employee services • Innovative health and wellness services • Consumer-centric tech
  28. 28. bamboohr.com league.com Employee Experience Matters 84% of workers prefer to interact digitally with their health benefits. Gallup (Rand Corporation)
  29. 29. bamboohr.com league.com Employee Experience Matters Encouraging Adoption: Steps to Success • Choose a benefits partner with a mobile-first platform • Test and reference customer care experiences • Use tech to consolidate your employee services and total rewards • Include virtual care services in your plan design
  30. 30. bamboohr.com league.com Employee Experience Matters Providing vs. Promoting
  31. 31. bamboohr.com league.com Employee Experience Matters
  32. 32. bamboohr.com league.com Employee Experience Matters Setting Up a Benefits Drip Campaign • Drip Campaign: sending information repeatedly over longer periods of time to encourage adoption • Drip campaigns take action instead of waiting for reaction • Plan your drip campaign months for the entire year • Map out email campaigns and onsite activities
  33. 33. bamboohr.com league.com Employee Experience Matters Going Beyond Benefits Selection • Optional after-hours classes that match your values (e.g. financial literacy, parenting, marketing book club) • Company challenges give bookend drips, both when you announce the challenge and when you announce the results • Give new employees the full open enrollment experience (e.g. monthly presentation from 401k/RSP provider)
  34. 34. Expanding Your Benefits’ Impact
  35. 35. bamboohr.com league.com Employee Experience Matters Expanding benefits impact • Matching employee enthusiasm for personal health • Offering rewards with a health and wellness focus • Workplace offerings that appeal to your desired employee • Merge benefits and wellness to increase value of spend
  36. 36. bamboohr.com league.com Employee Experience Matters Expanding Impact: Steps to Success 1. Make employee wellness a focal point of your “employer brand” materials 2. Provide healthy reward programs like Lifestyle Spending Accounts (LSAs) 3. Customize benefit offerings based on desired retention goals 4. Co-design a wellness program with your benefits partner
  37. 37. bamboohr.com league.com How to Use Benefits to Create a Culture of Health and Well-Being
  38. 38. bamboohr.com league.com Employee Experience Matters Benefits that Demonstrate Your Values • Mission: This is your organization’s purpose • Vision: That you want to accomplish • Goals: Concrete tasks to turn mission into reality • Values: Larger patterns in your goals • Culture: How values and goals play out in real time
  39. 39. Championing the Employee Experience
  40. 40. bamboohr.com league.com Employee Experience Matters Only 22% of executives believe their companies are excellent at building a differentiated employee experience. Deloitte Global Human Capital Trends, 2017
  41. 41. bamboohr.com league.com Employee Experience Matters Championing the Employee Experience • Lead employee experience: Be an agent for change • Use employee benefits as your secret weapon • Integrate wellness directly into employee experience • Report on retention and acquisition metrics to c-suite
  42. 42. League: An end-to-end Digital Health Benefits Platform Members Health Marketplace Virtual Care Health Advice Digital Wallet Employers Advisory Plan Design Insights Enrolment Administrators Customer Care Reporting HR Integration Consolidated Billing
  43. 43. bamboohr.com league.com Employee Experience Matters BambooHR Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. Receive a free 3 month Headspace subscription. League With your League demo. Questions?
  44. 44. bamboohr.com league.com Employee Experience Matters Follow BambooHR and League on social media: bamboohr.com/blog | league.com/blog Thank you!

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