A DIFFERENT PERSPECTIVE ON THE EMPLOYEE VALUE...
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A DIFFERENT PERSPECTIVE ON THE EMPLOYEE VALUE PROPOSITION WHEN ONE SIZE DOESN’T FIT ALL, HOW CAN YOU ADD VALUE TO YOUR PEOPLE’S LIVES? Andrew Drake & Nick McClelland February 2018
Transcript of A DIFFERENT PERSPECTIVE ON THE EMPLOYEE VALUE...
A DIFFERENT PERSPECTIVE ON THE EMPLOYEE VALUE PROPOSITIONWHEN ONE SIZE DOESN’T FIT ALL, HOW CAN YOU ADD VALUE TO YOUR PEOPLE’S LIVES?
Andrew Drake & Nick McClelland
February 2018
INTRODUCTIONS1
2
WHAT ARE WE GOING TO COVER
JLT EMPLOYEE BENEFITS 3
A DIFFERENT PERSPECTIVE OF THE EVP
Defining the EVP 1
EVP in the Benefit & Reward context2
The modern workplace with modern needs3
Creating a benefit ecosystem4
The evolution of Total Reward5
OFTEN QUOTED, SELDOM DEFINED
DEFINING THE EVP
4JLT EMPLOYEE BENEFITS
EVP
BENEFITS & REWARD
WORK
ORGANISATION
OPPORTUNITY
PEOPLE
Source: CEB Employment Value Proposition Survey; CEB analysis
Companies that invest in developing and delivering a strong employment value propositions can secure significant talent attraction and employee engagement benefits:
When job candidates view an EVP as attractive, the
organisation can:
• Reduce the compensation premium needed to hire
these employees by 50%
• Reach 50% deeper into the recruitment market to
attract passive candidates
Organisations that effectively deliver on their
EVP can:
• Decrease annual employee turnover by 69%
• Increase new hire commitment by 29%
WHEN DOES THE EVP START?
JLT EMPLOYEE BENEFITS 5
KEY MOMENTS SUCH AS ON-BOARDING HAVE A HUGE EFFECT
New hires who report a positive
candidate and on-boarding
experience apply 15% more
discretionary effort and are 38%
more likely to stay.
Source: CEB Employment Value Proposition Survey; CEB analysis
REBA TECHNOLOGY RESEARCH 2017
JLT EMPLOYEE BENEFITS 6
A BACKDROP OF SIGNIFICANT PRESSURES
KEY FINDING:
• There are too many
systems!
Source: JLT and REBA Innovation Research 2017
CREATING A REWARD & BENEFIT ECOSYSTEM4
7
THE PEOPLE JOURNEY
JLT EMPLOYEE BENEFITS 8
AN ECOSYSTEM BUILT AROUND MOMENTS
YOUR
RECRUITS
YOUR
PEOPLE
YOUR
ALUMNI
First Impressions
Interview
Process
Decision
Time
On-boarding Life Events
LeavingRetiring
Contracting or
‘Gig’ work
THE PEOPLE JOURNEY
JLT EMPLOYEE BENEFITS 9
AN ECOSYSTEM BUILT AROUND MOMENTS
YOUR
RECRUITS
YOUR
PEOPLE
YOUR
ALUMNI
First Impressions
Interview
Process
Decision
Time
On-boarding Life Events
LeavingRetiring
Contracting or
‘Gig’ work
Feeling excited
about starting a
new role
Pension – No
Thanks!
Get rid of debt
Fitness and friends
are important to me
Hi Max
A quick confirmation of
your Benefit Choices:
1. Debt
management
2. ISA/LISA
3. Gym discount
4. DNA Fitness
5. More holiday!
Look forward to
welcoming you aboard!
The People Team
THE PEOPLE JOURNEY
JLT EMPLOYEE BENEFITS 10
AN ECOSYSTEM BUILT AROUND MOMENTS
YOUR
RECRUITS
YOUR
PEOPLE
YOUR
ALUMNI
First Impressions
Interview
Process
Decision
Time
On-boarding Life Events
LeavingRetiring
Contracting or
‘Gig’ workA great career
but I want to
spend time with
my family.
I need help with my
pension options.
I need access to my
information
I still need some
benefits
THE PEOPLE JOURNEY
JLT EMPLOYEE BENEFITS 11
AN ECOSYSTEM BUILT AROUND MOMENTS
YOUR
RECRUITS
YOUR
PEOPLE
YOUR
ALUMNI
First Impressions
Interview
Process
Decision
Time
On-boarding Life Events
LeavingRetiring
Contracting or
‘Gig’ work
Looking forward
to working for
myself
What if I get sick?
I need to access
tax documents…
I will need to keep
in touch for work.
Hi Max
Sorry to see you go but it
sounds like an amazing
opportunity. Did you know
you can:
1. Continue some of
your benefits
2. Access all your
documentation and:
3. Access a special
goodbye gift from
us
All on your leaver portal
The People Team
JLT EMPLOYEE BENEFITS
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THE TECHNOLOGY & BENEFIT ECOSYSTEMBUILT AROUND MOMENTS
Pension
Corporate ISA
Financial Education
Pension Decision Service
Travel Insurance
Childcare Vouchers
Season Tickets
Salary Sacrifice Cars
Retail Vouchers
Critical Illness
Mortgage Advice
Home Tech
Dining Card
R&R
Pet Insurance
EAP
Mindfulness
Elder care
Annual leave trading
Healthcare
Health Screening
Flu jabs
Fit bits
Eyecare Vouchers
Skype GP
DNA profiling
HRA platform
Gym
Health Cash Plan
Dental Insurance
Cycle to Work
Debt Management
Travel Accounts
Will Writing
Life Assurance
Income Protection
Credit Scoring
Wealth Management
PHYSICAL MENTAL
FINANCIAL
DNA profiling
Debt ManagementCorporate ISA
Gym
Annual leave trading
JLT EMPLOYEE BENEFITS 13
THE CHANGING SHAPE OF TOTAL REWARD
THE EVP & TOTAL REWARD
POUNDS &
PENCE
INTRINSIC
VALUESTRATEGY
‘MOMENT’
BASED
OFFERING
ENGAGEMENTSTATEMENT
EXPERIENCE
GENERIC
TRADITIONAL
BENEFITS
BUT WHO HAS THE TIME?
JLT EMPLOYEE BENEFITS 14
A BACKDROP OF SIGNIFICANT PRESSURES
KEY FINDING:
• Efficiency of administration is
still poor stopping strategic
activities.
Source: JLT and REBA Innovation Research 2017
SUMMARY
JLT EMPLOYEE BENEFITS 15
KEY TAKEAWAYS
The Total
Experience is
more important
than the Total
Reward
Define your
own EVP
Think about the
entire career
journey
Define a wide
range of offerings
that support your
people’s ‘moments’
Remove the
administration – free
your HR people
THANK YOU
Nick McClelland
Director
+44 (0) 7917 435 157
Andrew Drake
Director
+44 (0)7709 104 841
