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When you’re running a business, it’s easy to think that offering interesting work, progression opportunities and a safe, welcoming environment will be enough to retain top talent. But with such a competitive job market out there, it’s a good idea to offer benefits that go above and beyond this. From life insurance and stock options to gym memberships and eye vouchers, find out how offering the right benefits can keep your employees happy and your business growing.
Advantages to employees of offering benefits
Work-life integration
One of the best things about offering a variety of employee benefits is that it can help to foster work/life integration. This is where rather than separating work and personal life, companies recognise that it’s better to integrate them and support all areas of employees; lives. Benefits can help with this in a number of ways, from health insurance keeping people fit and healthy, to extra annual leave helping to keep staff rested and revitalised.
Ultimately, benefits are what employees want: there’s no two ways about it. In fact, 75% of employees reported they’re more likely to stay with their employer because of their benefit program. So even if pay rises aren’t an option, consider investing in your benefits program as a way to keep staff engaged.
In terms of what employees want, this research found that health, dental and vision insurance, as well as flexible hours and annual leave, topped the list. But everyone is different, so if you’re not sure, ask your team what they’d like from a benefits package. Don’t forget to check out our benefits hub to see the types of perks on offer – you never know what inspiration you might find.
Advantages to employers of offering benefits
Increased productivity
It’s no secret that healthy workers are happy workers. And happy workers are apparently 13% more productive. Thankfully, there are a whole host of benefits you can offer to ensure this. For example, offering paid sick leave is a great way to make sure that if your team is unwell, they can focus on getting better rather than worrying about paying the bills while they’re off work. Similarly, you might rather your employees save valuable time and use private treatment than wait for NHS treatment which can take a while.
Motivation
Employees struggling for motivation and it’s affecting your bottom line? Offer them personalised benefits! If people feel like they’re working for the best company, they’re more likely to give work their all. So find out what energises them. For some, it might be knowing there’s a clear path to progression and wanting to be the best at what they do, so you could invest in a learning and development (L&D) budget as one of your benefits. For others, motivation might come from a morning spin class that sets them up for the day, so you might want to offer subsidised gym memberships. It’s worth using a bit of trial and error to see what sparks joy in your staff, as what works for one person might be entirely different for another.
Talent attraction
Your employee benefits package says a lot about you as a business, and it’s actually an opportunity to be bold and competitive when it comes to hiring. Insurance brand Marshmallow is a great example of this. They chose to include mental health support in their employee benefits package in Hungary, which was considered ‘taboo’ by traditional Hungarian standards, but helped them address the challenge of cultural nuance. Providing a personalised and thoughtful benefits package shows that you care about your employees, and with workers these days wanting more than just a good salary, this could stand you in good stead for recruiting.
Increased employee retention
Did you know that increasing loyalty can help you cut costs? The Society For HRM found that the average cost-per-hire is £3,223. That’s a lot of money, so if you can find a way to trim this, your manager (and the business) will thank you. One way to reduce hiring costs is to boost retention, and employee benefits can help you do this. This is because the more people like their jobs, and feel like they’re rewarded fairly, the more likely they are to stay. So offer a star line up of employee perks, and you may find your employees stick around and repay the favour.
If you’re considering building your benefits package from the ground up, take a look at our guide to what to include. Not sure where to start? Speak to one of our benefit consultants who’ll help you pull together a comprehensive package of perks that’s flexible, automated and budget-friendly. Ultimately, what your team wants depends on their age, income, financial priorities and interests, among other things. With Ben, your employees can choose all their own benefits and spend their flexible allowance with the Ben Mastercard. They can spend money on the things they love, while you can track spending and get to know your employees even better. Easy, automated benefits – the way they should be.