According to recent government statistics, SMEs (small and medium-sized enterprises) account for 99.8% of the business population.
However, it can be challenging to find the best prospective employees for your small company due to the higher salaries, employee benefits packages and career progression opportunities that larger companies can offer.
You may not be able to compete on salary, but money isn’t always the only consideration for job hunters.
If you want to attract top candidates away from the big players, a well-designed employee benefit package of your own could be the unique selling point (USP) you’re looking for.
The importance of employee benefits
Employee benefits were once considered ‘ the icing on the cake’ and not taken seriously as part of the contract between an employer and their employee.
In today’s job market, benefits are among the top considerations for candidates evaluating job offers. Private health insurance, attractive pension schemes, professional development and study leave are on most job applicants’ essential list.
Companies offering benefits like childcare vouchers and car lease schemes are addressing significant issues for employees and making it easier for them to work.
Developing a profile of the type of person you need and understanding their life stage, likely interests, and needs will help you design a package of benefits that improves job satisfaction and encourages great candidates to give your company serious consideration.
Big isn’t always best when it comes to employee benefits
Large companies may offer extensive benefits packages, but giant corporations often move at a glacial pace. Flyweight SMEs can usually be more flexible and agile, swapping less popular benefits for new ones without encountering excessive bureaucracy.
The relationship between the workforce and the employer is often closer in small businesses, allowing for the exchange of ideas and a deeper understanding of what motivates employees.
Enjoy Benefits offers a range of benefits that can be swapped and changed easily through the Hub, our simple-to-use employee benefits platform. We can also provide current data on which benefits are proving most popular and which are the least used. This enables companies to constantly tweak their benefits package to optimise take-up and staff satisfaction.
The actual cost of employee benefits
The actual cost of employee benefits is likely to be less than you think. If you factor in the opportunities lost when you fail to secure the best candidates, it could cost more not to engage.
Many of the benefits we offer involve salary sacrifice and are typically cost-neutral for the employer.
It is also helpful to consider the value of benefits and not just the cost. Many benefits cost relatively little but are of high value to the employee.
A good example of this cost-benefit equation is our online Wellness programme, which offers access to videos and literature designed by health professionals that help employees optimise their health and wellbeing. Mental wealth and wellness support is highly valued by employees, and providing such programmes boosts loyalty and happiness in the workplace.
In conclusion
Employee benefit schemes are not just for large companies. They can be an easy and cost-effective way for small and medium-sized enterprises to recruit and retain talented staff.
Next steps
If you would like to discuss how our employee benefits packages could benefit your business in an obligation-free chat, please call 0800 088 7315 or use our Contact Form.
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