Want a high-performing, resilient workforce? Benefits are the key
In a competitive job market, attracting and retaining top talent is crucial for any organisation’s success. Employee benefits are pivotal in creating a positive work environment, enhancing employee wellbeing and cultivating a high-performing, resilient, and sustainable workforce.
By optimising an employee benefits offering, organisations can boost employee loyalty, productivity and engagement, which, in turn, drive productivity, leading to a return on investment.
The cost-of-living crisis has caused financial anxiety to soar, impacting employee mental health and resilience. An employee benefits package is so much more than a perk. Today, it can provide meaningful support and help employees stretch their wages further.
Conduct a needs assessment
The first step towards optimising an employee benefits package is to ensure it’s fit for purpose and aligns benefits to employees’ needs.
Start with internal surveys, focus groups and interviews to gather insights into what employees value most in their benefits package. Think of this process as more than just gathering an employee benefits wish list. By finding out what matters most and what your employees will engage with – making the benefits more cost-effective – you can streamline your offering, making it more sustainable long-term.
Offer an inclusive, end-to-end package
A one-size-fits-all approach to employee benefits is no longer effective. In some workplaces, you’ll find four generations of people working side by side and their outlooks and needs will be different. Yet bridging the generational divide isn’t as difficult as it may first appear.
However, 37% of employees said they don’t use the benefits on offer because, in their opinion, they don’t align with their needs.
When building an end-to-end solution, employers should consider including private medical insurance (PMI), financial wellbeing options, paid time off, flexible working, healthcare programmes and professional development opportunities.
Allow employees to customise their benefits, ensuring they have choices that suit their circumstances. For example, younger employees may not want PMI but see the value in a digital healthcare platform.
Emphasise health and wellness
Investing in employee health and wellness initiatives pays significant dividends. Develop comprehensive wellness programmes that address physical, mental, and financial wellbeing. Offer gym memberships and access to an employee assistance programme. Encourage healthy habits and provide resources for preventive care so employees can make resilience-boosting lifestyle choices.
Promote learning and career development
Offer opportunities for growth and development to nurture a high-performing workforce. Provide regular training, mentorship initiatives and access to online learning platforms. Investing in development creates a skilled and adaptable workforce motivated to contribute to the organisation's success.
Boost financial wellbeing
One in 10 adults feel lost about their financial situation.
Financial anxiety can affect employees’ wellbeing and productivity. Help ease money worries by providing employee benefits that help stretch salaries further and lessen the burden of the rising cost of living. Consider offering employee discounts, cashback-earning prepaid cards, financial education and salary sacrifice schemes.
Communicate and educate
More than one-quarter (27%) of HR professionals said their employees don’t know who to ask for information about benefits or rewards.
Effective communication is vital to ensuring employees are aware of the benefits available. Provide clear and accessible information about the benefits package, including eligibility criteria, coverage details and enrolment procedures.
Regularly communicate benefits updates and changes and use various channels to reach employees effectively. Consider offering educational workshops or resources to help employees make informed choices about benefits.
Optimising employee benefits is a strategic investment in the success of an organisation. By understanding employees’ needs, offering a diverse range of benefits and prioritising health, wellness, work-life balance, career development and financial security, you can develop a high-performing, resilient and sustainable workforce.
Supplied by REBA Associate Member, Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
