For employees looking to get noticed and bag a job at a leading business, the competition is fierce. But it’s every bit as challenging for businesses to secure – and retain – the right talent. Whichever side of the coin you’re on, it’s never been more difficult to match the right people with the right roles.
Why? Because there’s so much competition out there. The internet and flexible working have made the recruiting process much simpler, but it’s opened candidates to a vast pool of potential employers. Now, you’ve got to stand out as an organisation right from the start.
One of the best ways for employers to attract top talent nowadays is to implement a competitive employee benefits package. If you’re considering doing just that, you’ll find out all you need to know in this guide.
Below, we’ll explain what employee benefits are, the advantages they could offer your company, and how to create a package that works for you.
In a nutshell, employee benefits are additional measures you can take as a business to make working there more enticing or enjoyable. Any non-salary-related perks can be classed as an employee benefit, whether it’s free healthcare packages, gym memberships, or extra time off.
The goal of employee benefits isn’t just to help your business attract the very best people – it’s to ensure your existing employees remain happy, boosting their morale and keeping them motivated.
And, implemented in the right way, they do just that. According to one study, 75% of employees are more likely to stay with their current employer if they offer a good benefits package.
It’s important to note that employee benefits are additional, non-compulsory perks.
Statutory benefits (like pensions, statutory sick pay and paid annual leave) are all legal requirements in the UK, but some employers choose to go beyond the bare minimum, offering additional pension contributions, enhanced sick or maternity pay, or a more generous annual leave entitlement.
All those added extras can be included as part of an employee benefits package, and they’re certainly worth shouting about.
Employee benefits are nothing new. Rewind a couple of decades and they were certainly different (company cars were much more common than they are today), but they’ve been used as a tool to help recruit and retain employees for many years.
There are a few different types of benefits you could consider implementing as part of your offer to new and existing employees. These include:
What could be more valuable to the long-term success of your business than the people that have helped grow it into what it is today?
Employee benefits are a great way to recognise and reward your valued employees for all the hard work they put in. It’s your way of giving back and reminding them how much you appreciate their efforts.
And if employees don’t feel appreciated, they’re far more likely to walk out the door when they get offered a job elsewhere. If you want to retain key members of staff, a robust benefits package can make all the difference.
As we’ve mentioned already, employee benefits packages are often used to help businesses attract top talent.
If you want only the best people in your team, you’ve got to offer more than the bare minimum. Those who are at the top of their game expect to be treated well, and it’s not just their salary that matters – additional benefits can help make their daily lives easier and more enjoyable, convincing them to make the switch from their current role.
As proof of this, a study from One Medical found that 69% of employees would choose one job over another similar role if the benefits package was more attractive.
When you walk into an office, you can usually tell if the people in it are happy to be there or if they’re counting down the seconds until home time.
This all comes down to morale. If the energy within your team is low, implementing employee benefits can help turn that around, boosting morale and making the office a more welcoming, vibrant place for everyone who works there.
The benefits don’t end when your team stops work for the day, either. If morale is high within your business, your existing employees are far more likely to share suitable roles with their friends, family or LinkedIn connections, making your search for fresh talent much easier.
Happy employees aren’t just more fun to be around – they’re more productive, produce better quality work, and spend less time off sick.
All of this is good news for your business, and it means that, over time, employee benefits packages can actually pay for themselves. What you lose in terms of initial investment, you gain in productivity, efficiency, and staff retention, setting your business up for long-lasting success.
So, the benefits of employee benefits are clear. But how do you get started and create a package that impresses your current employees, helps attract new ones, and doesn’t have too much of an impact on your bottom line?
It’s a delicate balancing act that involves:
If you’re looking to implement a package of employee benefits but aren’t sure where to begin, the team at Vero HR is here to help.
We’ve been supporting businesses small and large across the UK with our range of outsourced HR services for more than 20 years, and we could do the same for you. Our experts can work with you to build a benefits package that makes sense for your business, helps you retain key members of staff, and allows you to attract top talent in the future.
Find out more about our employee benefits consulting services today, or get in touch with our team to schedule a free introductory call.
