Lifestyle Benefits; creating an employee benefits package that attracts and retains talent
Through the development of technology the working week is no longer your typical 9am to 5pm. Research by YouGov highlights only 6% of employees are working these traditional hours. As a result employees are increasingly looking for organisations that look beyond traditional benefits, in a trend that suggests employees consider lifestyle benefits much more valuable.
Lifestyle benefits can mean different things to different employees within your organisation, therefore it’s important you understand your employees needs before implementing any new strategies to ensure they will be well received. Lifestyle benefits can be anything from allowing flexible working to support family life and work commitments, to supporting an employee through personal development or through a period of financial instability. Met Life reported flexible working as being the top lifestyle benefit, offered by 76% of employers.
Research conducted by Glassdoor highlighted three in five employees’ rate benefits as one of their top considerations when deciding on a role, and four in five employees would prefer a new benefit over a pay rise. With Met Life also reporting that three in ten employees would trade a higher salary for better benefits. In addition, Investors In People found that 37% of employees will stay in a role where they have a good work-life balance.
A good benefits package, which engages with your workforce, not only helps to attract talent to your organisation, but also helps to retain employees and boost employee engagement. A study by the University of Warwick found that by increasing employee happiness, an organisation can boost productivity by 12%.
And it’s not just about being able to offer the right benefits, organisations need to constantly communicate and review employee benefits to ensure they are valued by employees and represent good value for money for the organisation. Research by the CIPD found that one in six employers fail to communicate about benefits with their employees.
How to get started in creating your employee benefits package
No one benefits package fits all, and it’s important for organisations to take time to develop an appropriate benefits package which supports their employees and makes them feel valued. Here are some simple steps for you to follow to get you started:
- Review the current benefits package – do you have statistics on the up take of benefits on offer, how do they compare with what your competitors are offering?
- Set a budget to allow you to understand the costs involved in the different types of benefits you can offer.
- Gain feedback from employees on your current benefits package. Understand what works, what doesn’t and what employees would like to see more and/or less of.
- Research any new ideas put forward by employees, to understand if they could work for you and how.
- Evaluate online platforms which can support you in managing flexible benefits.
- Create new policies and procedures to ensure implementation of new benefits are consistent and fair.
- Once new benefits are in place, communicate to all employees on a regular basis.
- Review the benefits your organisation offers on an annual basis.
If you would like further guidance or support on promoting employee well-being or require advice on other people management matters please contact us. We provide assistance to a diverse array of businesses spanning various industries, such as finance, nonprofit, distribution and architecture. Feel free to reach out to us at 0121 516 0299 or drop us an email at email@example.com for further guidance.
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