It may still be wintery outside, but spring flowers are emerging to herald the beginning of the growing season. You and your employees will be planning for the year ahead, and spring-cleaning your suite of employee benefits is a great place to start.
Employee benefits schemes can help businesses build loyal and committed teams and improve retention and productivity, but only if the benefits match employees’ needs and aspirations.
Read on for some tips on ensuring that the benefits you offer will benefit your team and your business.
What do your employees value?
Employee benefit schemes are only worthwhile if they offer employees opportunities that they value.
We never advocate a one-size-fits-all approach to our customers, as businesses and their employees are unique. A bespoke approach works best so before choosing which benefits to offer, it is worth considering your employees’ ages and stages in the lifecycle.
For example, younger employees who love to travel may leap at the chance to buy extra holidays, while employees with young families may place a higher value on help with paying for a good nursery place.
It is always a good idea to involve the workforce in decision-making. You could conduct a survey or hold focus groups to gain insights into the benefits that would be most valued. Asking employees for their opinions often improves motivation and engagement.
Choose a benefits package that supports your business
You can structure a benefits package that aligns with your company’s needs.
Losing great staff members is always a problem, but if you operate in a sector that requires specific skills that are hard to find, losing an experienced employee can cause serious issues. Of course, employees often leave for reasons beyond your control, such as spousal relocation or career change. However, in other circumstances, offering support when needed may make the difference between losing and retaining a valued staff member.
When staff become parents, they often want to change their work patterns to accommodate caring for their child. Part-time work may not be an option for your company, and staff are often lost as they find more flexible work elsewhere. However, helping staff find and fund excellent childcare could make a full-time role manageable again, with benefits for you and your employees.
Absenteeism due to illness or injury can disrupt your company’s smooth operation. Access to a private medical insurance scheme could speed up diagnosis and treatment. Employees could be restored to peak fitness and ready for work more quickly than if they were reliant on the NHS.
Prioritise health and wellbeing
Employees’ physical and mental health should always be prioritised.
Of course, altruism is excellent, but staff welfare also benefits the bottom line. Many issues that beset company performance, like absenteeism, low productivity, lack of motivation, and poor retention, could be improved if the workforce were happier.
Cycle-to-work schemes, subsidised gym memberships, access to wellbeing apps, and employee assistance programmes can all contribute to the health and contentment of your workforce, and they are all available with Enjoy Benefits.
Feeling valued and noticed can also significantly contribute to a feeling of well-being. Rewards and recognition schemes are also valuable for companies that want to improve motivation and retention.
Check out the competition
Savvy employees with marketable skills will keep abreast of the benefits offered by other employers in your sector.
Monitoring the options offered in other schemes will help you design a desirable benefits package that will help to retain your most valuable staff members.
Don’t forget your legal responsibilities
Before considering which benefits to offer, it is worth mentioning that some employee benefits are mandatory.
All UK employers are required to provide a workplace pension scheme to eligible staff members. This requirement starts with your first employee who fits the criteria.
Enjoy Benefits has wide experience in workplace pension schemes. We can help you choose the best pension arrangements for your staff and work with you on enrolling staff.
About Enjoy Benefits
You can design a bespoke employee benefits package when you visit our website.
If you want an obligation-free chat to discuss which benefits work best for your business and your employees, please call 0800 088 7315 or use our Contact Form.
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