While we know it’s unrealistic to prepare for everything that might happen, having a strategy that relies so much on reacting to changes within the market after they happen will always class your business as a follower, when really it may be better to carve your own path, forget what the rest of the market is doing and set your own trends in 2024.
In the modern ‘war for talent’, it has become more important than ever for businesses to set themselves apart from their competitors to attract the attention of the very best talent. Naturally, when your employee benefits strategy revolves around following the market and offering your people the same as everyone else, it can be difficult to communicate why candidates should choose to work for your business over another. This lack of business identity and ability to stand out from other employers can potentially lead to recruitment problems, not only in terms of attracting talent, but keeping it.
To become an employee benefits trend setter rather than a trend follower, your strategy should be based on elements of your business that cannot be so easily copied by your competition. You may want to consider leading with areas like:
Your values: What does your business stand for both internally and externally, and how can the benefits you offer support this?
Your people: What will the talent your business needs find value in? Think about who these people are, what struggles they have in their day-to-day lives and how you can make these better.
While you can manage and oversee these strategies yourself, having a business partner like Johnson Fleming by your side can help alleviate stress and make the process more seamless from start to finish. We’ll work with you, ensuring all the elements of your benefits strategy work in harmony together, linking the wider elements, such as ESG, DEI&B, CSR, and your EVP. Our consultants provide an end-to-end service, from crafting and evolving your strategy, to using our risk management, brokerage skills and provider relationships to find the best solutions for your needs. Wherever your business is on its journey, we’ll be there to support you when you need it.
In our latest free guide, ‘Why you 2024 employee benefits strategy shouldn’t be based on benchmarking’, we explore the ideas in this article in greater depth, as well as the following topics:
The importance of aiming for a diverse workforce
Why benchmarking may not be best for your business in 2024
Using your employee benefits strategy to better compete in the ‘war for talent’
How we can help you bring your new employee benefits strategy to life
Download the guide here