CHOOSING THE RIGHT BENEFITS FOR YOUR TEAM

Right now, companies need every bit of help they can get to secure new talent… and keep them.

According to CIPD, 6.5 million UK workers plan to quit and find a better job in the next year.

Now, before you start to think that the only way to solve this is by upping salary – think again. Many factors come into why people choose to leave, including benefits.

They’re much more important than you may think.

BENEFITS ARE ALMOST AS IMPORTANT THAN SALARY

Getting your dream job, in a great company, surrounded by nice people, whilst earning some good money sounds like a dream, right? Well, almost.

Although there’s nothing better than a good pay cheque, there’s also something great about benefits that save you from spending as much, or even anything at all.

Retail discounts, gym memberships, health insurance, and wellbeing perks save a LOT of money in the long run and it gives employees (75% of them) a massive incentive to stay at a company (Willis Towers Watson).

Not only do you save money, but they also add a lot to your personal life. Perks like extra annual leave, flexible working, or discounts on days out, offer your employees enhanced experiences. They can make them know you care about their lives outside of work just as much as in it.

As a result, 80% of employees would choose additional benefits over a pay rise (Harvard Business Review). So… more important than salary?

BENEFITS MATTER… IF THEY’RE THE RIGHT ONES

If you want to attract the right people, choose the right benefits. Unfortunately, throwing every random benefit at people won’t entice them.

Benefits hold serious weight when looking for a new job, so much so, that according to One Medical, 69% of employees report they might choose a job over another if it offered better ones. Emphasis on the word “better”.

A company may have an extensive list of benefits, but because they don’t appeal to the people – they don’t take much notice. This may not deter them from applying to the role, but it could mean they barely use the ones offered, thus resulting in lower satisfaction.

You may be wondering who on earth doesn’t use their company benefits?

… How about a quarter of the UK? (Censuswide)

This isn’t because they don’t know what they are, it’s because they feel a disconnect with what’s offered.

One Director at MetLife stated:

“For years businesses have believed that higher pay and job security was the answer to a multitude of problems for employees and while they both remain vital, priorities have changed. Employees are now looking for a much more holistic approach to their benefits package,”

DON’T ASSUME – ASK

Having benefits that no one uses is a massive waste of money, and a missed opportunity to engage with staff. Of course, CEO’s and directors have the final say, but if it’s the employees that are going to be feeling the brunt of these decisions, surely they should have some input?

The problem with many employers is that they assume what their employees want without actually asking.

One way to find out whether people are happy with the benefits on offer is to conduct anonymous surveys every quarter and leave room for suggestions. You probably won’t be able to fulfil every suggestion, but what you can do is understand, and when there’s obvious signs pointing to change, you can go from there.

If these changes aren’t acted upon, you may begin to see a decrease in productivity for certain employees. Research by HR Grapevine found that 69% of employees “will work harder for an employer who provides benefits that support their individual needs.”

After the pandemic, people’s approach to life has changed – meaning their approach to work also has too. People are much more vocal about their needs and in order to retain talent, employers can’t ignore that.

- Written by Oliver Howson

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