The costs of benefits – medical, financial, social, well-being and others – is increasing, forcing many companies to re-evaluate their offerings. Lockdowns, business interruption, and the economic slowdown have also intensified the pressure for cost containment as business finances are strained. Adjustments to the total rewards package are likely necessary, but employees are especially sensitive to this kind of change. Protecting your employee value proposition (EVP) as you reduce expenses is key to keeping and motivating the employees you need to be successful.
When you know exactly what your people want, you can make informed decisions on where to adjust spending. An employee listening program helps you better understand cost vs. value when you know your employees’ thoughts on things like:
- Pay and benefits
- Remote work
- Flexible work
- Training and development
With the right strategy in place, you’ll be able to protect the employee value proposition—and your bottom line at the same time. Mercer has employee listening tools you need to balance costs with employee engagement. Contact us today to learn more.