Employee Benefits: 5 key benefits you can offer

Employee benefits can be a deciding factor for potential candidates when considering roles at your organisation. But the benefits of a good employee package also extend to you, as they can: 

• Increase engagement: Research has found that employers that provide employee benefits have seen an increase in employees being more motivated in the workplace.
• Attract top talent: More employers than ever before are highlighting their benefits in job descriptions and it’s become a key decision factor when choosing a new role.
• Improve Company culture: Providing employee benefits can boost morale in the workplace and make employees feel valued.
• Retain existing employees: By increasing engagement, attracting talent and improving culture, your business will become far more likely to improve retention rates.

What are key employee benefits you can offer?

Annual Leave Entitlement

Time away from work is important for any employee. Many potential candidates will now not consider a role if it is only offering the statutory amount of 28 days per year. Consider what you can offer potential and existing employees in terms of enhanced annual leave entitlements. Consider rewarding additional annual leave days based on length of service. This will help to retain employees for longer periods.

Hybrid/Flexible Working

Offering hybrid and/or flexible working offers benefits to both employer and employee. Employees can spend less time commuting, save money on travel costs, and have more flexibility to be able to juggle everyday tasks such as the school run. Employers see the benefit of more engaged employees due to less distractions and by having this option in place, it allows your work to continue if faced with bad weather – or a global pandemic. Many applicants will only consider a role if hybrid or flexible working is an option.

Health

Looking after your employee’s physical and mental health has benefits for both the business and the employee. Absence can add strain and costs to the business and if employees don’t feel supported during times of need, there is less likely to be a feeling of ‘loyalty’. Some of the things you can implement are:

- Mental Health First Aiders

- Employee Assistance Programme

- Health cover

- Additional day leave to be taken as a ‘mental health day’.

Family Friendly

Many employees will find it difficult to find a balance between home life and work. By considering an enhanced maternity and/or paternity package, it will provide peace of mind to employees and encourage retention if they know they will be given the opportunity to balance both home and work life.

Financial Aids

Whilst employees are always grateful of a good salary, there are also other benefits that an employer can provide to enhance a salary package and help relieve financial pressures. There are a number of third-party companies that provide discounts and vouchers to employees off a number of retailers which may come at a cost to the business but employees will see it as a huge perk. Consider allocating a training budget for employees to access so they see you are willing to invest in their development.

If you have any queries regarding implementing a compelling employee benefit package that works for you and your employees, please contact the Alcumus SafeWorkforce.

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