What are Top 5 Employee Benefits
Being an employer of choice and attracting top talent is only part of the process of developing effective teams. Retaining good people is also a challenge for most companies, especially in industries commanding competitive salaries and benefits packages.
Adapting employee benefits
In today’s (ever changing) markets, traditional benefits packages specialising in pensions and healthcare are having to adapt and incorporate a growing demand for mental health and flexible working options. Covid may have been 4 years ago, but the desire to secure a more fluid work/life balance is still a priority, and Millennials and Gen Z are looking for a more holistic approach that appeals to a more diverse workforce.
2024 Employee benefit trends
2024 employee benefit trends demonstrate that 70% of employees will be more inclined to stay in companies that prioritise a comprehensive benefits package, with 80% admitting they would choose a job offer with flexible working over one that didn’t (65% say they look at a company’s benefits package before applying).
Employee Mental Health
Mental health support is an increasing expectation amongst British employees, however with businesses who offer this benefit seeing on average a 30% lower attrition rate, there’s a significant financial reason as to why this should be incorporated. What this looks like will vary per company, as will health and wellness initiatives, which can include gym memberships & nutrition through to wellbeing weeks and mindfulness apps, however one thing that shouldn’t be overlooked is financial wellbeing.
Financial stress
With 18 million working hours in the UK lost to financial stress each year, and 59% of employees not performing at their best due to financial worries, money is one of the biggest contributors to our stress levels.
It’s important to ensure pension and retirement planning is still very much at the forefront of all employee benefits packages.
Auto-enrolment schemes
The introduction of auto-enrolment schemes has led to a sharp rise in the number of employees proactively saving towards their retirement; adding retirement planning tools and other financial resources such as workshops, digital portals and face to face meetings with financial planners will only help employees to be better informed about their choices and future financial goals. Which in turn will result in lower stress levels and greater productivity in the workplace.
If you want any assistance either reviewing existing employee benefits packages or introducing these into your business for the first time, please get in touch with our team.
