In a highly competitive employment market, employee benefits can make a huge difference in your company’s attractiveness to the best talent. Research confirms that an attractive staff benefits package also enhances staff loyalty and increases productivity.
So what benefits do employees appreciate most? Read on to find out.
Medical Benefits
Health benefits have climbed the charts to become one of the most attractive benefits that employees look for. Everyone is more health conscious following the pandemic and our NHS is struggling to meet demand, with over 6 million people on waiting lists for hospital treatment, that is one in 9 people in the country. So not surprisingly in that context having some degree of private health care has become more important. Proper medical coverage ensures that employees can get the care they need without having to worry about the cost. If you are looking to hire a new employee, they are increasingly likely to choose your company if you offer better medical benefits than your competitors.
Types of Coverage
The type of coverage you offer will depend on your budget and the needs of your employees. Some companies offer comprehensive coverage that includes everything from doctor visits to hospital stays. Others only offer basic coverage, such as access to digital healthcare on demand. But given that it can take weeks to access an NHS GP at the moment this is also a very attractive offer.
Dental and Vision Coverage
Dental and vision coverage are two types of benefits that are often overlooked but are very important to employees. Dental problems can be expensive to fix, and vision problems can lead to a loss of productivity at work. By offering dental and vision coverage, you can help your employees avoid these costly problems.
Life Insurance
Life insurance is another valuable benefit to staff, that costs relatively little for your company to offer. It gives them peace of mind knowing that their loved ones will be taken care of financially if something happens to them. There are many different types of life insurance, such as term life insurance and whole life insurance.
Paid Time Off and Holidays
Another benefit that employees appreciate is paid time off, above the statutory minimum. This includes vacation days, sick days, and personal days. Paid time off allows employees to take the time they need to recharge and come back to work refreshed and ready to go. It is also a great way to show your employees that you value their work-life balance. Paid holidays are also a great way to show your employees that you appreciate their dedication to their job.
Retirement Plans
Employers in the UK are now required to automatically enroll all staff in an occupational pension scheme. As a minimum, you need to contribute 3% and the member of staff needs to contribute 5%. Three percent is a relatively low level and you can stand out as an employer by offering an enhanced contribution. By offering an enhanced contribution you will be giving employees long-term peace of mind knowing that they are valued and that they will have a comfortable retirement.
Flexible working
An astonishing 88% of employees would work for a lower salary in return for some flexibility in working hours and location. This is a huge benefit for employees and it has become more so due to the pandemic. People learned that they could work from home, spend more time with their families and still get the job done. Many do not want to go back.
Flexible working enables you to extend the talent net and include many more people who may have caring responsibilities. It cuts down on the time and costs of travel and reduces employees’ bills on the incidental costs of commuting and the stress that it often entails as well. Flexible working costs little and in fact has potentially huge savings in office space and travel costs. Remote work is a great way to promote a work-life balance and to show your employees that you value them. There are many ways to promote remote work, such as flexible hours, telecommuting, and parental leave. Never forget that a happy worker is a more loyal and productive worker.
Childcare Benefits
Another important benefit that employees appreciate is childcare benefits. This is because it helps them to afford quality childcare so they can focus on their job. Childcare benefits can include everything from an on-site creche. to the provision of childcare vouchers or payment of nursery fees. It is important to figure out what type of benefit your employees need and want before deciding on a plan.
Putting together a Package
Those are a few of the employee benefits that are most valued by workers in the UK today. Survey and speak to your current employees to gauge what matters most to them and then do a cost-benefit analysis that takes into account long-term returns including reduced recruitment costs and productivity gains. Then when you bring together the right employee benefits package for your company make sure that it is promoted clearly alongside salary in your future recruitment information and that you also promote it clearly to current staff.