The app helps evaluate the standard of savings and the impact of employee benefit programmes on retention, absenteeism, recruitment and performance too
Helping measure the ROI on employee benefits programmes, Personal Group, a UK-based employee benefit provider has launched an ‘Employee Benefits ROI Calculator’ app.
The app helps evaluate investments required to run specific employee service programmes. It will also help optimise the investment made in various employee benefit programmes.
The calculator uses the data fed by the users regarding the nature and size of their business to develop possible savings number. When the data is not available, the calculator uses the generic UK standardised data.
The app provides infographics of the findings, which compensation managers can use to plan unique customised employee benefits. Using this app businesses will be able to calculate the savings standards of individual employees, and the impact of employee benefit programmes in areas of retention, absenteeism, recruitment and productivity.
Compensation managers will find it useful as it will help them make smarter decisions, which will ultimately help the organisation and increase employee morale, experience and engagement.
As the app works on the data put in by the users, it is accurate, and therefore, of utmost importance to get quality insights about the benefit programmes and their impact.
Today, employee benefit programmes play a significant role in attracting and retaining talent. The benefits need to be aligned with the expectations of the employees, otherwise there is no point spending money on benefits that do not appeal to the employees.