Employee Benefits You Need to Retain A+ Employees
It is no longer the norm for employees to stay at one company for the entirety of their career. Instead, it is normal and expected for people to move on. Job opportunities are everywhere which makes it very easy for employees to leave your organisation.
However, this change negatively impacts you, the employer. Recruitment is expensive and time-consuming. Staff leaving can result in skill gaps and shortages and negatively impact performance and productivity. If you invest in a new employee it is within your best interest to retain that member of staff for as long as possible.
Low employee retention is bad for business. In this blog post we’ll look at the employee benefits you can incorporate into your business to help improve staff retention.
What can you do?
Your team is important. Without your best employees achieving the company vision is next to impossible. Employee benefits will play a big role in keeping the best players on your team and boost morale at work as it gives your team something to strive for and will make them feel valuable as well.
Employee benefits are extra incentives given to employees on top of their salary or wage. Employee benefits are also referred to as perks or fringe benefits. There are a wide range of employee benefit packages that you can introduce to your team to make them less inclined to look elsewhere for employment.
Employee benefit packages vary across all organisations. This is typically discussed with a potential employee at the final interview during the recruitment process. Offering a great benefits package can give you the upperhand in a competitive recruiting situation.
What can you offer?
All UK workers are entitled to the following benefits:
- Paid annual leave (holiday leave)
- Retirement (in the form of a workplace pension)
Aside from the above, you may want to include the following in your benefits package:
- Childcare vouchers
- Workplace nursery
- Cycle to Work Scheme
- Gym membership
- Wellness programmes
- Car parking season tickets
- Free food and/or drinks
- Discounted meals
- Dental care
- Flexible working hours
- Employee referral/finder’s fee
Who benefits? Employers or employees?
When it comes to who benefits the most from an employee benefits package it’s a win win situation.
Many employers view benefit packages as high risk or as an additional cost to the business. Whilst there will be a cost to the business, going above and beyond the legal expectations for employees will positively pay forward further down the line.
Employers that introduce employee benefit packages benefit from:
- A competitive advantage
- Better applicants attracted during recruitment
- High staff retention
- Increased staff loyalty
- Improved productivity
Employees that have benefit packages can have:
- Better job satisfaction
- Better work-life balance
- Access to fitness facilities to improve health
Offering employee benefit packages sends a message to your employees that they matter and that you care about them above and beyond your legal requirements. Plus it gives your organisation an advantage over your competitors when it comes to attracting and retaining talent.
It should be noted that you should provide employee benefits in the most tax efficient manner possible. You should always consult your accountant or payroll provider before you introduce a new employee benefit to ensure the scheme is set up tax efficiently.
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