How to ensure employees and the organisation get value from benefits
We may still be wading through a cost of living crisis but let’s not forget our most important asset. As Richard Branson says, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of your clients.”
Employee benefits are vital for retention and talent attraction in this current climate and we should be moving heaven and earth to put our people first.
Why employers choose to offer employee benefits?
Those employers who perfect their overall compensation package to staff are on to a winner. Benefit packages can often be offered to help mirror your strategic HR and business aims. To help compete for some of the best talent in your industry.
For example, one employer may want to prioritise financial wellbeing, offering an enhanced pension contribution and bonuses to staff. Another may benchmark its benefits against competitors, which may reveal they don’t offer comparable health benefits. This could lead to the introduction of a fresh employee retention benefits package that includes health care cash plan, dental insurance and perhaps a health screening.
Naturally, benefits for talent attraction are just as important as benefits for employee retention. Businesses may also want to use software/technology to support the communication and administration of the various benefits. Our Ultimate Guide to Employee Benefits is the perfect tool for educating employers on why employee benefit platforms are so important.
Why implement an employee benefits platform?
Employee benefits platforms have struggled to keep up with the way companies work. Ultimately, it’s impacted talent attraction and retention. This is the main reason employers offer benefits.
Our research has found that:
- 55% of 18-34-year-olds regard a good benefits package as the most important thing when searching for a job
- 54% of employees would leave their job if another company offered them a better benefits package
- 45% of employees think that their benefits package is inadequate
It stands to reason that employers will be jostling for position in today’s highly competitive job market. By implementing an employee benefits platform, it becomes more than just offering a bumper salary.
Our research found employers in the UK are continuing to throw their efforts into employee benefits in a bid to edge ahead of their competitors. After all, a good benefits package is regarded by 42% of employees as one of the most important things employees look for in employment. Get this right, and you’re well on your way to success.
Build it and they will come (or stay)
Okay, so we’re not quite Kevin Costner in Field of Dreams, but in the name of employee benefits, we’re adapting the phrase to talk about flexible benefit propositions.
Employee benefits are crucially important. We’d be mad to suggest different. After all, they’re our bread and butter. They don’t need to cost an arm and a leg, and even the most cost-effective rewards can be incredibly successful if it effectively meets the needs of employees on a personal level.
Not having an employee benefit offering will already put you behind the competition. They provide access to key savings, coaching and support services, and can be used to help reduce tax and/or National Insurance savings where possible.
How to make your employee benefits platform more appealing?
Some benefits portals can be a chore. So, how do you get staff to sign into yours? Is there a way to marry employee benefits and retention? There sure is. Cram your offering full of things employees actually need.
News updates, discounts, personalised benefits packages – the works. And to make sure they don’t forget about it, every digital shout-out reminds them to log in, too.
Engage with your employees, let them know the ins and outs of their offering, from the core benefits on offer to the wellbeing articles designed for support.
Find out how you can join us on our journey to building a deeper level of employee engagement.
In partnership with Zest
Zest is the next generation platform that’s reinventing the world of employee benefits.
