Carl Chapman, associate & head of workplace health, Barnett Waddingham writes a blog series explaining what wellbeing really means
Barnett Waddingham's Carl Chapman is writing a blog series on Eudaimonia using the Greek alphabet as a reference point to give insight into how this old concept can significantly improve your business performance by maximising output from your greatest asset.
Ο ο – omicron
After a quick search on Wikipedia it turns out that there is no alternative use for the word omicron other than it being used to designate the fifteenth star in a constellation group. It was all going so well!
As there is no link available I am going to discuss benchmarking for this particular blog.
A few weeks ago I discussed how we should stop trying to look like our peers and instead try to look different from them. I am going to take this one step further and say that benchmarking in the benefits / wellbeing space is a complete and utter waste of time. I get the need to do so in some parts of reward namely salary and bonus payments but it is a complete waste of money otherwise.
You would be better placed spending your money on an analysis of your workforce as that will tell you so much more about what you should be doing than scrutinising what your competitor down the road is up to.
We don’t spend our time trying to make the products we sell look the same as our competitors so why do we do it for our people spend?
I’ll give you two good reasons why it is a waste of time and money:
- You are not your competitor
- If you end up being the same as your competitor why would your employees stick around
I am not going to tell you what your benefits / wellbeing strategy should look like because I don’t know your business and this is the approach we take with our clients; however what I will say is that the best way to make sure it is relevant and achieves a return on investment is through analysis not benchmarking.
Ππ – pi
I assume that most of you will know that pi is the ratio of a circles circumference to its diameter and I am sure that many of you will be able to recite pi to at least two or three decimal places. What has this got to do with Eudaimonia? Absolutely nothing but I am eating into my minimum word count.
Similar to benchmarking I often find that companies go round and round in circles doing the same thing year after year and wondering why engagement isn’t improving.
“Maybe it’s the communication strategy?”………………..it might be
“Maybe it’s the just the people we employ?” ………………..it isn’t
“Maybe it’s that our current strategy isn’t working?” ………………..there you go
Albert Einstein summed it up well when he defined insanity as “doing the same thing over and over again and expecting a different outcome”.
I am not saying that any of you reading this are insane and I fully appreciate that in most cases the reward and benefits or wellbeing piece is one small part of a much larger remit you have but that’s why you should lean on the independent intermediary market to help you navigate benefits and wellbeing and make them fit for purpose…..more to the point that is why you should lean on Barnett Waddingham and my team to help you ensure you get a true return from your sizeable investment.