From the name, employee benefits might be seen as something which benefits only the employee. However, with 69% of workers saying they’re more likely to apply for a new role that offers them good benefits, employee benefits schemes can prove to be just as beneficial to the employer.
How can benefits improve employee engagement?
Quality of life benefits are schemes offered by employers to help encourage, enable or educate their staff to maintain a good quality of life while working. But not all the benefits lie with the employee.
Better employee benefits have been named the second highest reason for employees switching jobs, chosen by 38.3% of employees.
A competitive benefits package not only helps employers attract new candidates, but it could also help to maintain the engagement of your current workforce.
Employee benefits can help improve the quality of life amongst your employees on a number of levels whether that’s, financial, physical or emotional:
· Almost one third of employees say they lose sleep worrying about their finances.
· Over a half of employees would welcome benefits that reward a healthy and active lifestyle, such as subsidised health screening or gym memberships.
· The impact of mental health problems in the workplace costs UK businesses an estimated £33bn to £42bn a year.
Mental health is a growing issue in the modern workplace, impacting on productivity and engagement, as well as being one of the biggest cause of long-term absence in the UK. Working to improve the quality of life among your staff could have a significant impact on the mental well-being of your workforce, boosting morale, productivity and work ethic, whilst minimising absences.
Valuable benefits to offer your employees
There are many benefits that employers can offer. These can include anything from private medical cover, to financial education schemes and retail discounts.
Retirement Planning
By 2024, it is predicted that the over 50s will make up the largest employment group.3 Providing employees with benefits programmes which help them understand how to save and plan for retirement, could therefore prove a desirable benefit for older employees.
Financial Education
Particularly prevalent for the younger working groups, financial concerns have been shown as a common factor leading to workplace stress. With 16% of 18-24 year olds feeling out of control when it comes to their finances, and 20% of 25-34 year olds ‘only just coping’, financial education could play a major role when it comes to addressing workplace stress and financial anxiety.
Healthcare
There are a number of healthcare related benefits you could offer your employees, from Dental Healthcare and Private Medical Schemes, to subsidised health checks, gym memberships and cycle to work schemes. By supporting your staff in maintaining healthy lifestyles you will not only be able to combat and reduce sickness absence, but will further encourage a healthy state of emotional and mental wellness.
Flexible benefits
Employees have varying needs depending on age, the stage in their career, and their lifestyle beyond the office. Different employee benefits will therefore appeal to certain employees at certain times as circumstances change. Flexible benefits packages provide employees with the option to choose between a number of packages, and change these benefits as they wish. Find out about more about out-of-the-box benefits schemes.