The recent Employee Rewards Watch Report from Thomsons Online Benefits gives us an insight into reward professionals outlook on 2010. We have obviously been through some tough times with the economic turmoil but are we now seeing the light at the end of the tunnel, especially when it comes to employee benefits?
Interestingly of the respondents 43% feel that they are going to see a period of growth in 2010 while similar proportion are upbeat about the future of their organisation. All this positivity is to an extent overshadowed by the 93% of respondents who still feel pressure to minimise costs and improve their return on investment.
With the pressure to cut costs and make better use of their resources it is startling to find out that 70% of those questioned do not know how much they spend on benefits, this has risen from the 2008 report which found 41% of those questioned no knowing the true cost of their employee benefits package.
It will be interesting to see where organisations see their priorities in the next 12 months, my bet is with cost saving, reviewing everything they already have in place to ensure they are maximising their spend and this shown through in the report.
The research found 32% of respondents plan on reviewing their health and wellbeing strategy while a further 21% aim to introduce total reward statements.
How can one truly improve upon something if they do not know how it is currently performing? To make value added changes we need to understand what works and what doesn’t, interestingly the research found 36% of those questioned have not measured the success of their package with only 9% measuring the cost savings.
If you are considering reviewing your organisation’s health and wellbeing strategy or your group protection policies to try to find some cost savings please do not hesitate to get in touch. We are here to advise and administer group insurance policies in the most cost effective manner possible.