They say any business is only as good as the people it employs – and whilst most employees seek job security in difficult economic times, an improvement in these conditions can lead to those same people looking for something bigger, better, or different.
Recruitment used to focus on salary, but as the makeup of the UK workforce has changed, so has what attracts people to a job and also, what makes them stay. Don’t get me wrong –salary is still important, but flexible working and a decent employee benefit package will be more important to more than you might think. According to a study by OnePoll.com earlier this year, less than 20% of employees surveyed were satisfied with the benefits package provided by their employer and 50% would leave their current employer if they thought they could get a position elsewhere with better benefits. Just 22% preferred extra pay over comprehensive benefits.
So, what can you do about your benefits package to ensure not only that you attract the right people to your company, but also retain them?
Both salaries and employee benefits should be benchmarked against competitors in your industry AND regularly reviewed. It may be higher pension contribution, provision of income protection or company funded medical insurance that give you the greater choice over who wants to work for you. Conversely, your employees may be more likely to leave if they could get better benefits elsewhere.
By focussing not just on providing financial incentives but also your employees’ (and their family’s) wellbeing, you’ll ensure staff feel cared for and so closer to you, as their employer.
Provide things staff actually value
You may think you’re providing employees with a competitive benefits package, but do they appreciate it? In my experience, an employee’s age, earnings or personal circumstances may vary what appeals to them greatly. Employee surveys are a good way of understanding what your staff want and ensuring the benefits you pay for meet their needs.
Companies that match their benefits package to the actual wants and needs of their workforce, will find that employees are much more likely to engage with what is being offered to them.
Say “Thank You”
Often employees are recognised for their good work by way of financial rewards in the form of bonuses, but these can become ‘expected’ and so possibly not fully valued. Various benefits can be used as a way of thanking staff, in the form of a higher pension contribution, additional company funded benefits, retail vouchers or even an extra day’s leave, an example could be for rewarding staff for long service and loyalty to your company,
If your employees feel valued and cared for, they will feel a greater sense of loyalty to you as their employer – leading to increased productivity and so benefitting the business.
As mentioned, the working demographic has changed and will continue to do so in the future; so regularly reviewing your workforce will help you understand what motivates them and ensure your benefits package is fit for purpose. Whilst it’s not possible to prescribe exactly what will work for your company, it’s likely that a good mix of benefits will help promote a culture of health and wellbeing for your employees.
Wingate Benefit Solutions is experienced not only in designing employee benefit packages, but also reviewing and ensuring what a company has is fit for purpose. If you are looking to understand how your benefits package can aid with staff retention and recruitment, the please feel free to contact us to discuss this in more detail.
T: 01883 332260