The People Bulletin

At The People Bulletin offices desks and walls have been festooned in all manner of Christmas paraphernalia since the 1^st December (and I suspect in some cases decorations may well have made a late-November appearance). But with employers feeling the pinch this year and many employees worried about redundancy Christmas may well feel more sedate than normal this year. A recent press release suggested that up to 40% of employers have axed the traditional annual Christmas bash this year, coupled with economic woes this could leave employees feeling slightly deflated (thankfully like the fate of last year’s giant inflatable Santa).

While traditional parties and the Christmas bonus may not be on the agenda this year, now is a good time to review your company benefits and start to think about some New Year’s resolutions for your package, below we reflect on just some of the elements of a successful benefits package.

Where to start

A good starting point for a review would be to examine Viv Copeland’s article, ‘Benefits in a post- recession era’, which suggests a number non-cash benefits, including child care vouchers and medical check-ups employers can implement to help them attract and retain talent.

Bonus scheme

One of the most obvious benefits is an annual bonus. While some employers may have had to cut or do away with their Christmas bonus altogether this year a company-wide bonus scheme can be an excellent way to motivate employees. However, it is essential that the scheme is well planned and implemented across the business. Back in April, Mark Childs wrote an excellent piece on how to create a well-balanced scheme which suggests a number of key performance measures you can use for your bonus scheme.

Pensions

Whilst many new starters are oblivious to pension provisions  as the start of auto-enrolment edges closer employees and new candidates will be increasingly aware of what provision they are entitled to and what they can get elsewhere. It is important that businesses decide on what action, if any, they are going to take. Helen Hargreaves from the CIPP clarified some of the finer points of the pension reforms in her piece back in November.

Training

One excellent way you can revamp your benefits package is to look at your training offering. During the recession training budgets have been slashed, however as suggested by Lorraine Owens, training doesn’t necessarily have to be costly, and if you follow the rules it can be tax free.

The perception of small employers is that they do not provide the same level of pay and benefits as their larger competitors, however businesses in this position can still compete and retain their talent by providing an excellent training scheme.

Flexible working

Flexible working still remains one of the key benefits for employees – whether that is reduced working hours or the ability to work from home – however as this case demonstrates it is important that you comply with the law.

Good luck to all of you who decide to revamp your benefits package – if you are unsure how to organise your project Rob Prinzo provides some excellent advice.

Happy Christmas!

Do you have any HR resolutions for 2012? Why not share them on our LinkedIn group.