Benify

Benify Insight

Employers: Beware of Your Employees' Pension Tension and Financial Foibles

  Occupational and private pensions are of increasing importance, existential need even for many. This is not new knowledge and already broadly communicated in many companies. But the message alone does not suffice. Our colleagues with the most urgent need for additional pension provision are also most likely to lack the financial resources for it. Multiple negative consequences in the workplace follow. For employers, it pays off to think in broader terms: A financial wellness program that assists employees in managing their finances can be a win-win situation for both sides. Financial imbalances are private matters in our cultural circles and across all income brackets. Financial weakness often gets equated with personal weakness, which is why we do not talk about it and in consequence remain isolated with the issue. It is kind of ironic, seen that in fact it rather is a widespread disease than a presonal weakness. For example, in 2017, the number of over-indebted persons in Germany has risen to just under 7 million, the highest level in 10 years (according to: Schuldneratlas Deutschland, credit agency Creditreform). Thus, for about one in ten adults, household spending consistently exceeds income.

Posted at 2018.07.25

Financial Wellness Means No Fuzzy Anxiety

I guess the term Financial Wellness, means different things for each individual. If you have a family, it might be all about college funds or mortgage payments. If you have elderly or ill relatives it could mean health insurance and medical bills. If you are unusually foresighted it can be about your own retirement, even if you are still young! We tend to see the trouble and solutions at hand, when they are present. We know that “things happen”, but we may feel incapable of finding a concrete solution, to be prepared.

Posted at 2018.07.11

Download Financial Wellness: The Topic You Can't Afford to Ignore

Debt, Credit, Income, Savings What do you think of when you read the words: Financial Wellness? Are you immediately met with a pile of worries such as how to pay for your mortgage, cover your credit card debt, save for retirement or even meet your childcare bills? Or do the words conjure up a present in which you “have it all”-- and a future filled with sunsets and walks on the beach? Of Associations and Definitions Financial wellness means different things to different people. The associations it sparks and the realities surrounding it are based on generation, experiences as young adults, and even country of residence. The term is not just a collection of financial products for building up retirement savings like a pension or 401K— nor a catch-all for “what if” protections such as life, disability, or supplemental health insurances. The phrase means freedoms from financial worry, stress, and depression– but also what having those freedoms mean: work-life balance, quality experiences, ability to spend time with family, and even regular vacations. For employers, it means an impactful way to communicate and support employees with everything from specific benefits to extra services and even counseling.

Posted at 2018.06.28

Communication done right boosts the employee experience- Benify at the HR360 European Summit in Vienna June 20-21

Why focus on the employee experience? The employee experience is one of the trends we note in our 2018 HR Trends to Watch summary. For employers, the goal should be to make it special and move beyond "just" finding ways to motivate (i.e., engage) their employees. According to some experts, organizations have shifted their thinking from viewing employees as resources to nowadays, focusing on building a meaningful connection with them. Futurist Jacob Morgan calls it the "evolution of employee experience" and the model focuses on acknowledging the development and self-realization needs of the employee. Relationship-building, open dialogue, and transparency are also themes.

Posted at 2018.06.18

Invest in Employee Experience To Gain A Competitive Advantage

Focus on the Cause Not Just the Effect How can organizations truly create a place where employees want to show up to work versus need to show up to work?

Posted at 2018.06.12

Data privacy: A machine made in Germany

    In tech terms, Germany is a curious animal. We want it all – but on our own terms. And why not? We Germans are notoriously fussy about our privacy. Despite our propensity for being the first to bare all on the beach, we are instinctively averse to sharing our personal information in every other context.

Posted at 2018.05.29

Privacy, profits and trust: Lessons from Facebook’s data scandal

Is trust the new currency in business? I certainly have a little rule in business: people that feel compelled to say they have “trust, integrity and are honest” are usually the exact opposite! People that have these behaviours just act on them, they don’t have to talk about them.

Posted at 2018.05.07

The onus, or bonus, of human analytics?

As Facebook’s Mark Zuckerberg’s highly publicized congressional testimony in April 2018 confirms all too well, and somewhat uneasily depending on who you ask, companies that work with big sets of personal data know far too much about each and every one us, and make a lot of money doing it.

Posted at 2018.05.02

The benefits of getting privacy right

It’s time we talked about the benefits of getting privacy right. Recent trends show a surge of interest in online privacy issues. Just as the environment and sustainability came to the forefront in earlier decades as a selling point to the world, the proper protection and usage of personal data (the data decency movement as it is being called) could make or break a company in the future. But in all the alarmist noise being made about GDPR, the new and sweeping privacy and data protection regulations being rolled out across the EU, very little is being reported about the good it has brought or will bring.

Posted at 2018.04.23

The New World of Employee Data- now available for download

The rollout of the General Data Protection Regulation- or GDPR- in May has pushed HR to a risk mitigation mindset when it comes to employee data. Companies are focused on how to safeguard personal data, design systems that manage and purge data as the case requires, and collect permission at every step of the way. Understandably, for HR leaders, the concern focuses on their employees and how to protect their personal data while still interacting with it through the course of typical HR functions, projects, and initiatives. Rethinking business as usual has become the new norm, as companies consider and even redefine their processes so as to be in compliance. HR leaders continue to turn to people analytics software and techniques to manage their employees’ performance and understand key drivers of satisfaction and loyalty. Under the new regulations, data collected during feedback and surveys must also be handled securely.

Posted at 2018.04.17

Providing true work-life balance

Work-life balance may be an overused cliché in many circles, but employers these days are focusing on it and making it possible in new ways— even digitally. Their goal: to attract and retain talent in creative ways thereby helping the bottom line at the same time.

Posted at 2018.04.09

The balance of power has shifted to the employee. What next for the employer?

“You should be happy to have ME!” In the antique days of HR, it wouldn’t have been out of place to hear an employer say: “You should be happy to have this job!” In today’s world, these traditional archetypes are reversing. A power shift is taking place. So much so, the standard rhetoric you can hear in- and outside of work today is actually the employee saying: “You should be happy to have ME!”

Posted at 2018.04.02

Be Supportive: Key #5 to Unlocking Your Employees' Potential

Are my people strategies and initiatives making an impact? This is a question many HR leaders have at one time or another. After all, engaging employees (many of whom you may not see on a daily basis) and then keeping them motivated so that they perform, can be a challenge. It needn’t be an overwhelming task to increase levels of satisfaction, raise retention rates, and even improve talent attraction. In our Employee Engagement handbook, we described an overall approach to unlocking your employees’ potential; so many of the business outcomes you seek are dependent on how well you communicate, support, and reward the members of your workforce.

Posted at 2018.03.26

Be Connected: Key #4 to Unlocking Your Employees' Potential

Being connected is the fourth key to engaging your employees and is rooted in how well you: Survey your employees Establish a happiness baseline Encourage dialogue Trust your employees Use digital channels

Posted at 2018.03.19

Be Rewarding: Key #3 to Unlocking Your Employees' Potential

Being rewarding is the third key to engaging your employees and is rooted in how well you: Impress your employees with your EVP Package the total reward Prioritize work life balance Promote financial wellness Encourage a healthy workforce

Posted at 2018.03.12

Be Caring: Key #2 to Unlocking Your Employees' Potential

  Being caring is the second key to engaging your employees and is rooted in how well you: Create a caring culture Create a sense of belonging Offer social opportunities Strengthen group interactions Give back to your communicty

Posted at 2018.03.08

How the fourth industrial revolution is shaking up the world of HR

Personalization is everywhere and it is coming to HR too. According to a White Paper on the Digital Transformation of Enterprises presented to the World Economic Forum in 2016, ‘The Internet of Me’ is one of five emerging Internet trends shaping the new digital landscape. What does this mean for a company’s traditional comp&ben function and strategy?

Posted at 2018.03.05

Why the future world economy needs an employee-centric approach

Happy employees and high-performing businesses go hand in hand. This is no secret. However, the exact impact of the former on the latter can be hard to quantify. On the one hand, precision parameters such as profits and losses are used to measure performance. On the other hand, softer qualitative metrics such as relationships, happiness and personal development are used to reveal the exact level of employee engagement. In today’s hyper data-enriched world, progressive employers are finding innovative ways to correlate and quantify both. And this is paying immediate dividends on business performance.

Posted at 2018.03.01

Be Transparent: Key #1 to Unlocking Your Employees' Potential

Being transparent is the first key to engaging your employees and is rooted in how well you: Communicate your core values Share business goals, results, and performance Invest in an internal PR strategy Publicize your people policies Focus on the employee experience

Posted at 2018.02.23

5 Keys to Unlocking Your Employees' Potential- Handbook Now Available For Download

Are your employees as engaged as they can be? Are they happy to be part of your organization? Do they feel like stakeholders in your company’s success? Will they continue to grow their careers as your operations expand? Satisfaction. Belonging. Commitment. Some say these are the main factors contributing to employee engagement. Dale Carnegie and other thought leaders point to main drivers such as: one’s relationship with his or her manager; a belief in senior leadership; and personal pride in working for the company. Meaningful work is cited by both SHRM, the Society for Human Resource Management and Deloitte as key to positively influencing employee attitudes and productivity.

Posted at 2018.02.19

Meet Benify at the HR Strategy Forum in Oxfordshire— February 27-28

At Benify, one of our core values is "Show Love". People are at the heart of our organization. We focus on inspiring our employees and building relationships with them when we consider how we design our employee experience.

Posted at 2018.02.14

Trend to Watch: Prioritizing the Employee Experience

One of the trends we have identified in our 2018 HR Trends to Watch summary is that of prioritizing the employee experience. Many HR leaders are assessing what their company's employee experience looks (and feels) like as a step towards creating happy, satisfied, and engaged employees. Determining when it starts and all the opportunities for positive interaction during the employee lifecycle are good first steps. The goal should be to create (and control) positive first, second, and third impressions. Moreover, we see HR focusing on all potential interactions, or touchpoints, throughout the total employee experience—not just in the four stages of the life cycle. Finding natural opportunities for positive communication and impactful impressions is the goal. Because the employee experience encompasses so much e.g., the ability to: learn and develop; connect with coworkers; and participate in charity events, coordinating all aspects of the employer brand and aligning with employees’ values is key.

Posted at 2018.02.05

Trend to Watch: The Rise of Employee Benefits

One of the trends we have identified in our 2018 HR Trends to Watch summary is that of the rise of employee benefits. More and more, benefits are being used to capture employees' attention and reinforce the truth that employees matter. Benefits are top of mind with employees, as we have seen with our trends summary, especially those increasing financial wellness and work-life balance. When employees consider their overall work experience, they point to benefits and how well they are communicated as an indication of how their employer values them. However, benefits are often under-communicated by the employer. This can lead to employees’ misunderstanding the offers and even missing chances to participate in those benefits that can help them create the work-life balance or financial wellness they seek.

Posted at 2018.02.01

Meet Benify at the HR Directors Summit in Birmingham— February 6-7

  HR Directors Summit, Birmingham, England On February 6th and 7th, Benify will participate in the HR Directors Summit, Birmingham with our Executive Vice President of Global Enterprise, Chris Wakely speaking about creating a consumer grade experience for employees as the best way to increase employee engagement. Chris will discuss why communicating benefits and rewards as part of the employer value proposition (EVP) to employees is an impactful first step in opening dialogues with employees; interactions throughout the employee life cycle have a strong effect in boosting employees’ retention and productivity. He will share findings from Benify’s Benefit Gap and Compensation Gap studies and will discuss why presenting impactful information digitally optimizes the employee experience.

Posted at 2018.01.29

Trend to Watch: Helping Employees Achieve Financial Wellness

One of the trends we have identified in our 2018 HR Trends to Watch summary is that of helping employees achieve financial wellness. With fewer guarantees of economic stability, a greater strain on financial resources, and an increased need to prepare for retirement, employees have a lot on their minds! HR leaders can help ease the stress and help their employees better focus and engage in their roles.

Posted at 2018.01.22

Now Available for Download: HR Trends to Watch in 2018

There are many stakeholders influencing today’s HR landscape: employees, HR leaders, and the organizations they work for— plus, benefit suppliers, insurance carriers, and technology providers. They all play a role in determining the characteristics of this marketplace. Since 2004, Benify’s innovative technology has been helping companies around the world navigate the dynamic HR ecosystem to make it Great at Work for their employees. Through smart compensation and benefits management, targeted messaging, and an interactive employee experience, we have been offering companies a smart way to realize efficiencies, create dialogue, and improve branding.

Posted at 2018.01.16

Now Available for Download: The Benefits Gap Study

  Attracting, engaging, and retaining workforce talent is one of the biggest challenges facing today’s businesses. It has been widely proven that, failure to do so, will have an adverse impact upon workplace employee turnover rates— resulting in higher business spend in areas of recruitment, onboarding and employee training. The old age solution of investing more in employee compensation spend is, of course, not sustainable over the long term— and, what is more, is quickly losing appeal with the modern employee market. Instead, employers are finding new and innovative ways to create a unique Employer Value Proposition— through a range of flexible and tailored benefit solutions. The possibilities within workplace benefits continue to grow and today’s employers are investing more in healthcare, wellness, work-life benefits, pension, and insurances.

Posted at 2018.01.04

New Whitepaper Available: 2017 Year In Review

  We have learned quite a bit in 2017! When we consider the year, we look back at insights gained from the three key HR tech conferences in London, Amsterdam, and Las Vegas, as well as events we have attended in employer branding, benefits, and rewards. We learned from our partners in many markets and gained feedback from our customers at various events we organized, too.

Posted at 2017.12.18

Employee Engagement Tips for the Holiday Season

During the holiday season, we're all a bit busier than usual. There's so much to do! Gifts to buy, decorations to put up, festivities to attend. However, employee engagement is always important, no matter the time of year or the busy social calendar. We should not be too busy to remember that monitoring and boosting employees' involvement and positive feelings are important. There's an effect on retention, productivity, employer branding and so on. To make it easy, we've started posting our 24 tips to better employee engagement daily. The first three are:

Posted at 2017.12.04

Strengthen Your Employer Brand Daily

Influence how you are seen by your employees— and by everyone else. You can impact how your organization is considered by those on the outside by ensuring your employees on the inside are both satisfied and inspired. After all, a company’s reputation is key to its competitiveness but a reputation must always be protected. The Benify solution ensures that you have a powerful tool to engage your employees and make them understand your investment in and focus on them— from salary and benefits to culture, vision, and career opportunities. This is especially important when companies operate in multiple locations and even countries and the concept of community becomes a challenge.

Posted at 2017.11.27

Benify to talk benefits, EVP, and digital communications at HR Vision, London

HR Vision, London On Wednesday and Thursday of this week, Benify will participate in HR Vision, London, with leadership speaking about applying smart technology to show off the EVP. We will be discussing why focusing on benefits increases employee engagement, and the presentation will show how our research supports reaching employees throughout the employee lifecycle with targeted, impactful information digitally, so as to inspire and boost engagement.

Posted at 2017.11.20

The Right Benefits Can Drive Employee Engagement

How can employers motivate their workforce? Most employers would agree that motivating employees is important; after all, having engaged employees is linked with greater productivity, decreased absenteeism, improved customer service levels and so on. How to inspire employees has shifted from simply focusing on compensation (salary) to viewing total reward. A big part of this total reward is of course benefits. Employers do realize that today’s employee is a complex entity – more mobile than ever, with increasing needs to achieve a work life balance and ever-growing expectations as to what they feel their employer should provide.  What becomes difficult is how to design a benefits and rewards offering that resonates with employees as a whole and  also with subsets based on gender, generation, family status, geographical differences, etc. Employers must evaluate their employee base as a whole but also segment it to determine what would be appealing (and to whom) in order to both attract and retain their talent. Many employers begin by examining what they currently offer and then surveying their talent pool to uncover satisfaction levels and wish lists. 

Posted at 2017.11.13

Boost Employee Engagement Easily

Having engaged employees should be the goal of every organization; however, engaged employees are actually rare. Gallup's most recent global research finds only 13% of employees worldwide are engaged at work. According to the latest State of the American Workplace report, just 33% of employed residents in the United States are engaged at work. Engaged workers differ from their apathetic or uninterested counterparts because of the extra effort they bring to their jobs: The go the extra mile, work with energy and passion, and feel a connection to their company. They are the people who will drive innovation and move your business forward.

Posted at 2017.10.30

Be Eco-Smart With Compensation & Benefits

Decrease your carbon footprint by digitalizing payslips and forms and encouraging environmentally responsible behavior. Eliminate the paper waste, save money, and give your printers a rest. By using a technology solution to digitalize and visualize payslips you avoid the extra costs and processes of printing, packaging, and delivering physical payslips. Digitalizing policies, handbooks, FAQs, and brochures for download by employees means information is stored centrally and is accessible remotely. And with our reimbursement engine, even benefits requiring forms plus receipts can be managed with scans and uploads instead of paper and staples. Furthermore, you can use the Benify portal to support your corporate social responsibility. It’s easy to feature benefits and activities that work to protect the environment such as carpooling, mobility/transportation benefits with incentives for gasoline conservation, and bike rentals. You can even use the smart portal to organize recycling reminders and drives or announce charity events benefiting your favorite environmental causes. The result of Benifying: You’ll signal to your employees that you are not only modern and eco-hip, but socially responsible.

Posted at 2017.10.23

Meet Benify at HR Tech Amsterdam October 24-25

On October 24-25, Benify will take the stage as a main sponsor at the 2017 HR Tech World, this year to be held in Amsterdam. The event draws several thousand HR professionals from all over the world. This year’s theme is the future of work and includes an agenda which explores what it means to live and work in the digital age, as well as the latest trends in strategic workforce planning and key innovations in talent management. Conference participants can stop by or pre-book a meeting to learn more about Benify's innovative technology which increases employee engagement, boosts employer branding, and supports benefit enrollment strategies. The Future of Work, according to Benify, harnesses technology for enhanced personalization and employee outreach, making total reward transparent and management of compensation and benefits available anytime and anywhere. Moreover, Benify's technology can be used to increase knowledge and appreciation of the employment offer, and align the benefit offering to maximize employee engagement and ROI.

Posted at 2017.10.16

Manage Activities Efficiently With Smart HR Tech

Skip the excel spreadsheets when monitoring and reporting registrations, orders, and enrollments. Your HR Departments are often understaffed as employment responsibilities become greater and even more complex. They must keep track of their activities, report on their plans, and prove a return on investment. Some even must monitor employees across time zones. To help ease their burden, we offer: Booking tools- for managing tickets, reservations, and education sessions Summaries- to collect RSVPs and activity registrations Reporting functions- to summarize and communicate benefit orders and activity participation Dashboard view- to analyze benefit take-up rates and portal login activity Our automated tools are designed to be user-friendly and with intuitive interfaces. They will provide your HR managers with the ability to monitor and analyze employees’ behavior plus report on them. The result of Benifying: Your HR Managers will save time and avoid headaches so that their efforts can be better spent bringing people strategies to life.

Posted at 2017.10.02

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