It can be said that any company is only as good as the people it employs -- after all, these are the people who are the face of your business and looking after customers who are paying your fees. But whilst most employees seek job security in difficult economic times, an improvement in these conditions, as seen in recent times, can lead to those same people looking for something bigger, better, or just different.
In years gone by recruitment was often focused on salary, but as the makeup of the UK workforce has changed so has what attracts people to a job and also, what makes them stay. Of course, salary is still important, but the offer of flexible working and a high-level employee benefits package will be just as important. According to a study by OnePoll.com in 2019, just 20% of employees surveyed were satisfied with the benefits package provided by their employer and 50% would leave their current employer if they thought they could get the same role with better benefits elsewhere. Only 22% preferred extra pay over comprehensive benefits.
This raises the question then, what can companies do about their employee benefits package to ensure not only that they attract the right people but, perhaps more importantly, retain them? Well, there are a number of things to consider.
Benchmark your rewards package
Both salaries and employee benefits should be benchmarked against competitors in your industry AND regularly reviewed. Whether this relates to higher pension contributions, medical care or an online benefits portal, this may provide a greater choice over who wants to work for you. By focusing not just on providing financial incentives but also your employees’ and/or their family’s wellbeing, you’ll ensure staff feel cared for by you as their employer.
Provide benefits of value
Just because you think you’re providing employees with a competitive benefits package, do your staff agree? An employee’s age, earnings or personal circumstances may affect what appeals to an individual greatly. Surveys are a good way of understanding what your staff want and ensuring the benefits meet their needs; we find that when companies match their benefits package to the wants and needs of their workforce, employees are more likely to engage with -- and so appreciate -- what is being offered.
Say thank you!
It’s common for employees to be recognised for their performance by way of financial rewards in the form of bonuses, but as these become expected they can lose value. So why not use your benefits as a way of thanking staff? For example, higher pension contributions could be offered based on length of service, or spot prizes/retail vouchers for someone going ‘above and beyond’. It’s important to make your employees feel valued and cared for, as they will feel a greater sense of loyalty to you as their employer -- leading to increased productivity and so benefiting the business.
Yes, the working demographic has changed and will continue to do so in the future, but regularly reviewing your workforce will help you understand what motivates them and ensure your benefits package is fit for purpose. Whilst it’s not possible to prescribe exactly what will work for your company, it’s likely that a good mix of benefits will help promote a culture of health and wellbeing for your employees. This should, in turn, make both recruitment and retention easier for you.
If you are looking to understand how your benefits package can aid with staff retention and recruitment, the please feel free to contact Fidelius and we will be pleased to discuss this in more detail.