28 Jul 2022
The Oxford Dictionary definition of ‘Keeping up with the Joneses’ is ‘try to emulate or not be outdone by one’s neighbours’. When relating this famous phrase to the recruitment and retention of talent within the workplace arena, this often used saying could not be more accurate.
As an employer, what are the things that differentiate us from our competitors. I think it’s fair to say that we all tend to have a high opinion of our business and absolutely see it as a great place to work and why wouldn’t we have this view? We spend hours and hours trying to create a dynamic working environment and it is something we should be extremely proud of.
On top of the hours of time invested, there are many factors that also allow us to arrive at this conclusion and these factors could include great teamwork, culturing a paternal nature, an open-door policy and providing flexibility around working conditions. But do these add up to be the differentiator?
One could argue the only way an employer can truly differentiate itself is three-fold. So firstly, by providing a comprehensive employee benefit package, secondly actively promoting the employee benefits that it provides and finally by explaining the ‘why’.
How does an employer explain the ‘why’…This is where benchmarking of benefits comes in and allows there to be some substance behind the claims made by an employer. Wouldn’t it be great to say to a prospective employee:
- We provide an annual leave entitlement higher than the average business of our size, in our sector and in our location. We know this to be true as we have benchmarked this figure. We believe that having this annual leave entitlement is very important to our employees as it allows then to switch off from work to spend valuable time recharging their batteries and spending time with friends, family or doing whatever they like to do to relax.
- We offer enhanced maternity pay when compared to other businesses like us. We know this to be true as we have benchmarked this figure. This is important to us as we understand the benefits to our employees of taking financial pressure away from them during this exciting chapter in their lives.
- We pay employer pension contributions at a level above the average compared to other businesses like us. We know this to be true as we have benchmarked this figure. This is really important to us as we care not only about our employees current financial situations but also their future financial situations.
Wingate Benefit Solutions are extremely proud to have commissioned an Employee Benefits Benchmarking Report. Our report has numerous USP’s but for us the main one is that all the businesses approached and used in the research have headcounts of less than 1,000 employees. It is very rare for businesses of this size to get this wide ranging data because employee benefit firms managing the benefits for this size of company won’t commit or don’t have the money to produce such a report. Wingate care passionately about employee benefits and if you are reading this text, we’re sure you do too.
Should you wish to download a free copy of the Wingate Benefit Solutions 2022 Employee Benefits Benchmarking Report then please feel free to click on the following link https://www.wingatebs.com/benchmarking-report/ or contact a member of the Wingate team at info@wingatebs.com or on 01883 332260.
