Research by the Society of Human Resource Management revealed that 92% of employees regard employee benefits as important for overall job satisfaction.
In a recent episode of the East Anglia Business Webinar series, Hayley was joined by Steph Butcher, the Founder of EBCam to talk about employee benefits, retention and engagement. Butcher explains that “the world of employee benefits has changed so much, and there are lots of things businesses can put in place”.
But, with so many people at different stages of their lives in your business, what works for one person, might not work for the other. Butcher goes on to explain that “with so many different generations in the workplace, businesses need to find a package that suits everyone […] and it’s the most difficult it’s ever been, there are so many variants in what people want”.
So where should you begin?
Flexible working
During these uncertain times, managing cost is critical for many businesses. A low-cost and effective benefits package you could offer your employees is the option to work flexibly.
Flexible working options are becoming more and more popular with businesses of every size. People are now increasingly taking advantage of defining a working arrangement to suit their lifestyle and needs; ranging from hot-desking, working remotely, to flexibility around start/finish times.
People are not motivated solely by money. Working to their schedule is great – but it can also be vital for people who have a hectic home life. Offering employees with flexible working options usually results in improved productivity and creates a healthier work/life balance. Furthermore, a recent survey found that flexible working increased productivity by 13%.
Tailored perks and benefits
But flexible working is not the only low-cost benefit your business can offer. “Some companies will simply put in the basics; that works for them, from a cost perspective, other firms will have fully-fledged flexible benefits to allow their employees to choose what’s relevant to them”, adds Butcher.
To help retain and attract top talent, organisations are realising the power offering flexible benefits solutions has. Organisations are giving employees a budget to select a range of benefits that suit their needs and interests. Offering a flexible approach to employee benefits means that the impossible task of creating the perfect benefits package to suit each employee is lifted off the employers’ shoulders.
During the same episode, Ruth Talbott explained the importance of gathering feedback to “identify different requirements […] so you can get a feel for what we are interpreting as a great benefits package, may not be working for some people”.
Surveying employees means the cost of unused benefits is cut, and employees get the benefits package they want. Having such a strong, holistic benefits package which is tailored to individual needs, gives employers a strong competitive advantage.
Types of tailored perks you might like to consider
Medical and dental insurance
Life Insurance
Subsidised gym membership
Company car
Employee referral bonus
Subsidised travel
Childcare vouchers
Discounted meals
Free tea, coffee and snacks
Enhanced holiday allowance
However, it's not just about the money and more about what value an organisation can bring to a person's life in return for their service. A ‘better than nothing’ approach to employee benefits is outdated and leads to high turnover and low retention.
Ultimately, they say that money can't buy happiness, nor does it buy engagement and loyalty. The cost of rehiring and retraining employees can be damaging to businesses, so having a competitive and benefits package could save you money in the long-term.