If the Great Resignation climate has taught us anything, it’s that employee benefits are more important now than ever before. According to Forbes Advisor, 40% of employers say workers leave jobs to find roles offering better benefit packages, whilst 19% of Gen Z think companies should have better mental health benefits.
Pay alone isn’t necessarily all it takes to attract and keep good talent . We’ve found that employee compensation packages can be a deciding factor when candidates are considering multiple job offers. So be warned what you offer plays a significant part in differentiating yourself in a competitive job market.
However, a comprehensive benefits package extends far beyond healthcare and retirement plans. It's about recognising the diverse needs of employees and tailoring rewards to support them and their lives. Elements like flexible work arrangements, wellness programs, financial incentives, and opportunities for continuous learning play a pivotal part in creating a compelling package.
With 59% of British workers feeling dissatisfied with their current benefits packages, it’s time to up the ante if you want to retain and attract people.
Take a look at some on offer:
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Netflix offers employees around £60,000 for 'family forming and reproductive support', which some workers said they used to pay for two 'free' rounds of IVF. It's available to staff and their partners, regardless of marital status, gender, or sexual orientation.
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Adobe recently created a Disaster and Epidemic Time Off Policy, which expands upon the existing Covid-19 Time Off policy and stipulates that you can take up to 20 days off a year if you're caring for family members, or experiencing vaccine side effects – and this policy also now applies to anyone experiencing difficulties with Ukraine.
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Supermarket giant, Tesco – also the UK's largest private-sector employer – will give 300,000 workers the right to request a flexible working pattern from their first day in the job.
This is great for the big players, they have the budget, but what about the small to medium-sized businesses?
Here are 3 things you can implement quickly and effectively:
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Flexibility
After decades of office nine-to-fives, employees now want to be empowered to be able to fit their work around their lifestyle and responsibilities. The key thing to remember with this trend is that it needs to be tailored to fit an individual’s unique circumstances. Employers should be prepared to maintain constant communication and understanding of staff needs for this to work. -
Savings
Forking out for a weekly free lunch for staff during their break might seem like money poorly spent. But the combined total savings this can make for your staff can be huge. Anything that contributes directly to a staff member’s piggy bank will be a popular policy to introduce. -
Health and wellbeing
Even before the pandemic, the world was becoming more educated about health and wellbeing. Now, employees want to feel looked after at work, and their mental health comes before the profits of the business. Investing in employee wellbeing is also a direct investment in your business. It leads to better employee engagement, reduced sickness absence and higher productivity. Look into options like Health Assured.
Here are some other things to consider
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Work from home - with a tax-free allowance
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Free breakfasts or lunch
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Modern office environments - so people want to be there and enjoy the experience.
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Sports and social clubs
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Mental health ambassadors
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Cycle to work scheme
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Unlimited holidays
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Parent and carer support
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Health Insurance
As workplaces evolve, so do employee expectations. Crafting an exceptional benefits package isn't a one-time endeavour—it's an ongoing masterpiece. Empyrean reported that 83% of employers have changed their benefits strategy within the last three years. HR professionals need to become visionary architects, continually refining and expanding their offerings to meet the dynamic needs of their workforce.
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