The Top Four Reasons to Offer Employee Benefits

a comprehensive employee benefits package helps all aspects of a business

Here's just four reasons you should be offering employee benefits

Benefits can be used to provide support your employees in many ways from looking after their health and wellbeing to everyday savings on their shopping. These are all things that make employees' lives that little bit easier and their time at work that little bit better.

Here's just four reasons why you should be offering benefits to their staff:

1.Increase appeal

With many employers trying to win the 'War for Talent', candidates can be more selective about where they work, and this means that when it comes to securing qualified employees that are highly skilled, dedicated, and will bring strength to a business, companies need to do more to stand-out and make their business a competitive one. 

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. 

As well as helping you attract top-talent, a strong benefits package can encourage your employees to talk to their friends outside of work, which can be useful for attracting new recruits. It's all about making your company somewhere people want to work!

2. Retain Talent

It costs more to find a new employee than it does to keep your talent, according to Croner the average cost of employee turnover, based on the average UK salary, is around £11,000 per person. Staff turnover also causes disruption and loss of continuity for co-workers and customers alike, so once companies have great employees on board, the focus should be on how to retain your talent.

As many organisations now offer a benefits package, employees no longer just compare salaries when considering a new position - they review an offer in its entirety and weigh up its total value. An above-average employee benefits package can go a long way in keeping employees at a business.

These benefits also become essential parts of an employee's lives, with people coming to rely on them. In time, they become things your employees won't want to leave behind. A long-term arrangement to purchase a car through their employer, for example, gives someone much more to stick around for. 

 

3. Boost morale, engagement and productivity

Providing staff with the ability to enjoy activities that are important to them, or help them save money in their personal lives, shows how much they're valued. 

Benefits can make a real contribution to lifestyle choices or leisure activities – creating that all important feel-good factor which boosts morale, engagement and productivity, and inspires loyalty. Unhappy employees are unlikely to be engaged or productive employees, and this will have a knock-on effect for the prospects of a business.

4. Savings for employers and employees

Benefits that operate via salary sacrifice or net pay deduction, where the employee gives up part of their salary in return for a non-cash benefit like annual leave purchase schemes, can be financially beneficial for both employer and employee. Not only do they help employees spread the cost of big purchases, they may also be able to benefit from reduced tax and NI contributions - as may their employers.

How we can help:

A competitive employee benefits package has significant power not only to attract the best, but also to retain the best. Employers who value their staff today will be those that benefit tomorrow.

If you want to find out more about employee benefits, and how they can make a huge impact on employee wellbeing, speak to our experts today if you have any questions!

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