Ask yourself… Why would a happily employed person want to join your business?
What are you doing to differentiate yourself from competitors?
Do you communicate your benefits package in the best way possible?
How has your benefits package contributed to retaining talent?
Did you know that 35% of employees in the UK believe their company doesn’t communicate benefits? But a competitive benefits package can help with everything from enticing prospective employees to motivating existing ones.
You see, when it comes to attracting talent, emphasis is often placed primarily on high salaries. While that does work to initially attract individuals, overall employee fulfilment should always be front of mind. That way, you can attract and incentivise talent, while also engaging, retaining and increasing morale.
The benefits you offer don’t need to be at huge expense to your business. The key is to offer flexible options and give your employees choice. Remember that no two people are the same so, as a business leader, it’s up to you to demonstrate that you understand their varied needs.
Some of the most popular employee benefits include:
- Flexible working hours.
- Remote working options.
- Private healthcare.
- Generous holiday allowance.
- On-the-job training and mentorship.
- Company cars.
- Additional days off, including wellbeing days or volunteer and charity days.
- Cycle-to-work schemes, discounted gym memberships and other wellness initiatives.
- Free drinks and healthy food.
You might think it goes without saying that companies should communicate these benefits company-wide. Sadly, it’s often not prioritised. But, if you don’t shout out about them, you don’t do justice to your business or your employees.
Another common problem is that a lot of people across the UK aren’t all that happy with their company’s benefits package. In fact, a study by CIPD found that only 41% of employees are fully satisfied with what their employer offers. By not offering enough, your benefits could be directly affecting employee wellbeing.
Employee benefits and mental health
Besides morale and motivation, one of the biggest advantages of a competitive benefits package is that it boosts employee mental health. With around 15% of employees experiencing mental health problems in the workplace, it really is essential that you make mental wellness an area of priority.
The World Health Organization outlines a few things that you can do to create a healthy workplace that promotes employee wellbeing:
- Understand the workplace environment and adapt it to promote better mental health for different employees.
- Understand the needs of your employees and the opportunities available to them.
- Signpost sources of support so people know where to go for help.
- Offer programmes for career development.
- Recognise and reward employee contributions.
A comprehensive, competitive employee benefits package will help to keep mental wellbeing at the heart of what you do. As well as the obvious advantages for your teams, WHO highlights that businesses that do so are also likely to ‘reduce absenteeism, increase productivity and benefit from associated economic gains’. In other words, it’s a win-win.
Want to position yourself as an employer of choice? Want advice on market expectations? Arrange a Teams call with one of our talent experts!
Call us: 0333 772 7200