12 Nov A case for employee benefits
Employee benefits are more than the minimum pension contribution, legal amount of holiday and free refreshments.
According to research, companies can reduce their staff turnover by nearly 140% with the right mix of benefits.
So why are only 41% of UK workers satisfied with their benefits package?
Recruiting and retaining top talent has never been more essential. Businesses have been under immense amounts of strain during the pandemic for a spectrum of different reasons. If you can retain your employees during the crisis, you need to ensure they want to continue working for you.
A recent study suggests that people who were experiencing increased or unusually high levels of stress due to pandemic were the least engaged at work. During a recent episode of the East Anglia Business Webinar series, Ruth Talbott explained to Hayley Murfitt that a good starting place is to survey your employees and understand what benefits they want to see. A great benefits package to one person may be lacklustre to another.
But employee benefits are more than gym memberships, company cars and cycle to work schemes. A flexible approach to work is also considered to be a benefit, it’s the low cost too!
In a pre-COVID-19 world, workers across the globe envisioned remote work as a way of striking the ultimate work-life balance. Fast forward to March 2020 when remote working became normalised overnight, transforming the working world far quicker than imagined.
At the outset, productivity levels at home were up 13%. Expectations were established by employers, and employees seemingly had a fresh outlook. Perhaps due to the change in the physical environment or simply because they were allowed more autonomy and time for personal pursuits. The time that would have otherwise be spent commuting could now be used at one’s leisure, which is particularly beneficial for parents and caregivers.
The annual Employee Benefits Survey, administered by the Society for Human Resource Management (SHRM) in April 2019, surveyed the occurrence of more than 250 benefits.
The survey found that offering a comprehensive and flexible benefits package:
- Improves workplace morale
- Reduces stress and associated staff absences
- Boosts productivity
- Helps set the tone for your company’s internal values and ethos
- Reduces staff turnover by helping to retain existing staff
- Makes recruiting top talent easier.
For more information on how to make the most of your employee benefits package to maximise engagement watch the webinar with Hayley Murfitt, Steph Butcher, Ruth Talbott and Lorraine Canham now.