Employee Benefits – Going Above and Beyond Holidays and Increased Salary
When it comes to retaining your staff and keeping them happy and engaged, employee benefits are changing and offering an increased salary and a decent amount of holidays is no longer enough.
In an increasingly competitive job market, if you want to recruit and retain the right employees, it’s important to consider a good, all round benefits package. In fact, according to research conducted by Canada Life Group, businesses that offer workplace benefits enjoy easier recruitment, improved retention, faster progress towards business goals, and a positive reputation.
But what benefits should your business be offering your employees? Here are just some of the employee benefits that can be included in your employee benefits package to help you engage, motivate, and retain your team.
Under current legislation, you are now legally obliged to enrol your employees into a workplace pension and make employer contributions for anyone eligible, including those who work in the UK, earn at least £10,000 per year, and are aged between 22 and State Pension Age.
As a pension itself can no longer be considered a benefit, you might choose to make additional employer contributions on top of your legal obligations as part of your package.
Extra Days Off
Many companies have started giving their employees an extra day off on their birthday, while others offer a ‘duvet day’ where employees can take an un-planned day off when they need it most.
Another increasingly popular offering is paid time off for volunteering, where employees can take a certain number of days off to volunteer for good causes, without losing their pay or using their allocated holidays.
For employees that spend a large amount of time on the move, a company car will not only save the business on travel costs but will be a benefit, to reward and retain staff as an extra perk on top of a standard salary.
If it’s practical for your organisation, offering your staff flexible hours and the option to arrange to work from home in certain scenarios will help to show your employees that you trust them to complete their workload without direct supervision.
This will not only help them feel valued and trusted as employees, but it should also help to improve your team’s work/life balance.
From private medical insurance and dental cover, through to physiotherapy and health screening, there are a variety of health benefits to offer your team.
Providing a subsidised gym membership will not only help to keep active staff members happy, but it can also help to encourage other staff members to increase their physical activity and boost their fitness.
Season Ticket Loan
For many employees traveling to and from work by public transport, a season ticket or annual pass is a great benefit.
Share schemes are sometimes offered by companies to allow employees to benefit from the company’s success, in turn, this should help to boost productivity.
But it’s not all about company cars and savings schemes, for smaller businesses there are a whole host of smaller, everyday perks they can offer their employees to make them feel valued.
Office comforts such as free tea and coffee, free fruit, a casual dress code, and even free ice cream in the summer, all go a surprisingly long way to keep your staff happy and engaged, creating a positive workplace culture.
If you’re thinking of introducing a workplace benefits package or updating your existing offering, get in touch – we’re always happy to help!