Having the best strategy to manage employee benefits and retention is a top concern for many employers, but it can often be challenging to demonstrate the benefits of investing in employee resources to the overall company value. In a recent study released by HUB International, nearly half of benefits professionals believe that technology upgrades, such as Continuwell, would reduce their workload and improve company value, and yet many reported challenges in demonstrating the value of these investments. Read these tips to help evaluate and demonstrate the value of new employee resource technology to the whole organization.
Presenting to other senior managers:
- Summarize. When presenting to non-HR executives it is important to make sure that you get right to the point. Make the bottom line your top line and summarize your objectives up front. Executives are often very busy and can be easily distracted by other matters. Keeping your message simple and short will help to keep their attention.
- Know your audience. In order to know how and what to present, focus on what is most important to that executive. Most C-suite leaders are metrics-driven. They want to know the numbers and how it will affect them or the company. For example, some key figures to present include estimates of reduced turnover, reduced employee days off, and the estimated decrease in healthcare expenses. You can also use improved engagement to estimate the benefits to the company. Keep in mind that replacing an employee generally costs around 30% of their salary and that a disengaged employee costs the organization 34% of their salary. This means that an actively disengaged employee with an annual salary of $60,000 is costing the company $20,400 a year and would cost $18,000 to replace. That would get a CFO’s attention.
- Prepare. Now that you know what you are going to present, it is time to prepare and practice. Create a short slide presentation to illustrate your key points and metrics. Rehearse what you are going to say, never read slides verbatim. You should also prepare for questions and challenges that may be brought up. It is one thing to create a rehearsed presentation, but you should anticipate follow-up questions to support your ideas.
- Present the solution. Do not just list out the problems or things that the company is doing wrong. Tell the executives how you are going to be able to improve the company’s bottom line and employee wellbeing. Explain that the HR technology that you want leadership to invest in will help you motivate your team, focus on key objectives, and produce measurable results.
If you are able to successfully get an executive’s attention they can become your champion and see the need for new technology to improve employee wellbeing and reduce costs. A win-win for all the people in your company.