Attracting and Retaining Talent With Employee Benefits

Benefits and perks are great at attracting and retaining employees

But what benefits do employees actually want?

Staff retention strategies are becoming increasingly important for businesses as it can help you keep your hold of your top talent, keep productivity, engagement and morale high as well as reducing the cost of recruitment. Having the right benefits package can help as part of your strategy.

According to Glassdoor, 60% of people report that benefits and perks are a major factor in considering whether to accept a job offer, and 80% of employees would choose additional benefits over a pay rise.  

But, since the pandemic, what teams want from their employer has changed. Research from a Metlife study, 74% of employees are concerned about at least one aspect of their wellbeing as a result of the Covid-19 pandemic, this could be mental, physical or financial

So, what benefits can help you attract and retain talent? 

Improved wellbeing benefits:

There are many benefits that are available that can support your employees’ mental and physical health:

  • Employee Assistance Programmes give your staff access to free, confidential mental health support with counselling by BACP-accredited counsellors. With research showing that 55% of workers saying they would look for a new job if their mental wellbeing wasn’t being supported by their employer, it’s clear that offering mental health support can help you retain your employees (Benenden Health).
  • Supporting your team’s physical wellbeing is important too! Research shows that 67% of employees believe it is an employer’s responsibility to support their physical wellbeing (Westfield Health). Benefits that can help include discounts on Gym Memberships and Cycle to Work schemes to encourage them to get active, while saving money.
  • As well as helping your teams get active, offering Health Screenings can help your employees assess their overall wellbeing and detect any potential disease or health risks before they happen.

Recognition for hard work:

According to a poll from Gallup, 65% of people feel unappreciated at their jobs, and if we don’t feel appreciated we’re less likely to stay. You can say thank you to your employees using rewards like eVouchers and gift cards or a recognition platform. Using a platform can also allow for peer-to-peer recognition, so colleagues can recognise each other for work that managers might not notice.

Help their salaries stretch further:

According to research by Cigna, 64% of employees want more wellbeing support from their employer, including financial help. There are various benefits that can help including employee discounts and cashback to help save money on everyday purchases, salary deduct schemes to spread the cost of some purchases over a fixed term, financial education and financial wellbeing services.

We can help you create a benefits package employees will want:

Whether you want to expand on your current benefits offering or start from scratch, we can help! Speak to one of our experts today to see how we can help you attract and retain your talent with a competitive benefits package.

Discover our range of employee rewards for motivating your staff