Offering attractive employee benefits is crucial for retaining top talent and fostering a positive work environment within any business. Companies that prioritise employee well-being often see higher levels of productivity, loyalty, and overall satisfaction among their staff. Willis Towers Watson found that 75% of employees are more likely to stay with their employer because of their benefits package. If you are looking to revamp your employee benefits package or simply want to explore new options, here are 8 ideas to consider that can help boost morale and attract top-notch talent.
Health & Wellbeing
Promoting employee health and well-being through workplace wellness initiatives goes beyond acknowledging their contributions to the company—it demonstrates a genuine concern for their overall welfare. Prioritising health insurance coverage for medical, dental, and vision expenses is crucial, as it addresses employees’ fundamental needs and fosters a sense of security. Additionally, consider incorporating wellness programs and mental health resources to support holistic well-being.
Creating a positive work environment is key to fostering employee well-being. Offering benefits like flexible hours can contribute to a healthy work-life balance and improve mental health outcomes. Introducing well-being and health initiatives can yield numerous benefits, including reduced absenteeism, heightened productivity, and lower healthcare costs. Ultimately, cultivating a positive work environment not only drives innovation and productivity but also lays the foundation for sustained organisational success.
Hybrid-Working
In the era of remote work, flexibility is highly valued by employees. According to Gallup, 6 in 10 employees with remote-capable jobs want a hybrid work arrangement. About one-third prefer fully remote work, and less than 10% prefer to work on-site. Consider offering flexible work hours, compressed workweeks, or the option to work remotely part-time or full-time. This flexibility can improve work-life balance and reduce stress, leading to happier and more productive employees. Check out our blog, for the best tips on how to manage hybrid working employees.
Generous Paid Time Off
Offering sufficient annual leave ensures that employees can recharge and spend quality time with their loved ones, whether it’s a long weekend getaway or a family vacation. Annual leave statistics for the UK found that over 18 million of the UK’s 29.7 million workers didn’t take the amount of leave they were entitled to in 2022, with over 1 in 10 (10.5%) saying that they didn’t take their full annual leave last year because they felt pressure from their management.
Not only does time off contribute to positive team morale, but it can also lead to increased productivity upon return. However, it is essential to encourage employees to use their holiday entitlement effectively. Reminding them of the benefits of taking time away from work and encouraging them to schedule days off can help maximise the value of their annual leave allowance. The choice of the holiday year is entirely at the discretion of the employer, so consider our guide on how to decide your holiday year.
Career Progression Opportunities
Invest in your employees’ growth by providing access to training programs, workshops, conferences, and tuition reimbursement for further education. Supporting professional development not only benefits your employees but also strengthens your company’s talent pool. It enhances skills and productivity while fostering employee engagement and satisfaction. Gallup finds, that organisations that have made a strategic investment in employee development, report 11% greater profitability and are twice as likely to retain their employees. By fostering a culture of mentorship, organisations empower employees to take ownership of their career paths and pursue growth opportunities.
Employee Discount Scheme
Show appreciation for your employee’s hard work and achievements through recognition and rewards programs. Whether it be employee of the month recognition or performance-based bonuses, acknowledging your employees’ contributions can boost morale and motivation. Employee discount schemes are highly sought-after benefits among employees, offering a guaranteed hit with staff. Beyond just occasional discounts on meals or clothing, these schemes extend to significant savings on weekly or monthly expenses like groceries, vacations, and home improvements. By enabling employees to stretch their pay checks further, these schemes contribute to enhanced employee retention, financial well-being, and recruitment efforts for the business.
Pension Contribution
As the state pension age continues to rise, employees place increasing importance on employer-provided benefits that aid in retirement savings. Providing a workplace pension is a mandatory requirement for businesses, and the contribution amount as well as potential matching options play pivotal roles in differentiating your benefits package from others. Beyond meeting legal requirements, providing robust pension benefits demonstrates a commitment to employees’ long-term financial security and reinforces their value to the organisation, fostering a sense of appreciation and wellbeing even beyond their tenure as employees.
Company Equity and Profit Sharing
Profit sharing and equity share ownership represent distinct forms of employee compensation, each with its unique incentives for enhancing performance and retention. Equity compensation entails granting company shares to employees, either instead of or alongside their regular salary, thereby granting them tangible ownership rights in the company. In contrast, profit sharing involves distributing a portion of company profits among eligible employees based on a predetermined formula established by the company. This model allows employees to directly benefit from the company’s financial success without necessarily conferring ownership rights.
Company equity and profit sharing benefits can be powerful tools for attracting and retaining talent, aligning employees’ interests with those of the company, and fostering a sense of ownership and loyalty among employees. However, employees need to understand the terms and conditions associated with these benefits, including any vesting schedules, tax implications, and risks involved with owning company stock.
Family-Friendly Benefits
A study by Totaljobs and Fawcett Society has found that 1 in 10 working mothers have quit their jobs, with 1 in 5 considering leaving work due to the challenges that come with balancing professional and childcare duties. Recognise the diverse needs of your employees by offering family-friendly benefits such as parental leave, childcare assistance, flexible scheduling for caregivers, and critical illness cover. Assisting employees in managing their work and family commitments can enhance morale and foster loyalty within the workforce.
Integrating these employee benefits into your company’s offerings can foster a supportive, inclusive, and rewarding workplace environment. Utilising features like emPerform’s anonymous surveys, 360-degree reviews and ongoing feedback are effective methods for gauging employee perspectives on benefits and identifying areas for improvement. By prioritising your employees’ well-being and professional growth, you not only attract top talent but also nurture a culture of engagement and achievement. It’s essential to recognise that happy employees are the cornerstone of a flourishing organisation.
If you want to improve your employee development plan it can be easily achieved with emPerform. Book a FREE demo today or contact us for any advice on performance management.
