The implementation of employee benefits is on the rise, it’s not surprising considering 75% of employees are more likely to stay with their employer because of their benefits package. Moreover, 69% of candidates would choose one role over another, if the benefits were superior. The positive impact of employee benefits on attraction and retention is clear. However, when it comes to deciding what benefits to implement, it can be a minefield… there are so many options. Luckily, we have put together a list of the most desirable employee benefits to attract and retain the best talent!
Flexible working is one of the most sought-after employee benefits. Whether it’s the ability to pick your own hours or work from home, some form of flexibility at work is now expected. A recent study found that 96% of professionals say they need flexibility, but only 47% actually have it. Flexible working promotes a healthy work-life balance, reducing the chance of burnout and increasing productivity. This is a relatively easy benefit to implement with huge rewards for both employees and employers.
Good health is so important. Both mental and physical illnesses can seriously impact people’s ability to work. Unfortunately, expensive treatments can cause overwhelming amounts of stress, or in worse cases, leave illnesses untreated. Even in countries where healthcare is free at the point of service, private healthcare can be a huge benefit. 31.3% of UK employees would like private healthcare to be offered by their employer. This is understandable considering the longer wait times of the NHS. Private healthcare, on the other hand, offers a much faster and flexible route to diagnosis and treatment, at little or no cost to the individual. This ultimately reduces employee sickness and absence overall and helps employees concentrate on what matters most, recovery.
Wellness packages come in many forms. They generally include discounted gym memberships, access to mental health services or specialist diet and nutrition advice. Additional perks can include financial advice, smoking cessation programs, legal guidance or stress management. The aim is to offer benefits that will positively impact employee wellness. These kinds of benefits can boost morale, reduce absences and increase productivity.
Professional training is something that should be offered as standard, however you would be surprised at how few companies offer this. When we talk about professional training, we are not talking about in house mentoring or additional responsibilities by way of progression. What we are referring to here is specialist, professional training courses that are paid for by the company to develop their employees. This could be in the form of team workshops, professional seminars or even paying for an employee’s degree. Whatever the course, investing in your employee’s professional development shows you value them and is a sure-fire way to retain talent and develop your people.
Employee Rewards & Discounts
Everyone likes to feel appreciated. Rewarding employees for their hard work is a great way to show appreciation. Introducing an incentive program is a great way to increase employee engagement and boost productivity. Bonuses are one of the most common incentives in business, but there are many other ways to reward employees. Rewards such as additional leave, fun gifts, meals out or even profit shares are all great ways to incentivise staff.
About Harper Fox Partners:
Harper Fox Search Partners are a purpose led business, providing leadership talent and executive search solutions for the global energy, engineering, manufacturing, transport and utilities sectors. Get in touch today to find out how we can add outstanding value to your business.