What benefits do your staff really want?
Based on research by Aviva, 44% of workers surveyed identified annual leave as one of the workplace benefits that mattered the most to them. This was also backed up by work-life balance being in the top two reasons why people choose an employer and why they stay.
While in the UK, there is a statutory requirement for annual leave, some employers also choose to offer an enhancement. That may be allowing staff to buy and sell holiday, giving time off at Christmas in addition to the standard leave requirement or increasing annual leave after a period of long service.
A pension scheme was second in the top 10 benefits that people wanted the most. With auto-enrolment, this is a given for many employees.
However, your company may be able to offer non-monetary benefits in addition to this. Commonly, people do not understand how pensions work, especially work-place pensions. Consider providing staff with access to guidance on how to plan for retirement and how a pension can play a role in this. Our Life Centred Planners can come in and give a presentation, plus Q&A, to help your staff better understand pensions and saving for later life. Contact us to find out more.
48% of respondents stated they would like a wellbeing allowance provided by their employer. This would allow employees to have access to money to help them stay mentally fit and well at work. Typically, funds range from £400 to £1,200 annually and are to be spent on things such as gym memberships and mindfulness courses, with the employee choosing where to allocate their allowance.
Critical illness cover
It’s not surprising that this was in people’s top 10 workplace benefits. Being able to meet the financial demands of life when ill-health strikes is a major concern for many people. Most would be left in significant financial difficulty if they became seriously ill. Critical illness cover could provide your workforce with the peace of mind they need.
Providing insurance such as this can be less expensive than employers think, why not contact us to find out if it’s something your business could implement.
Are your staff utilising their benefits?
If you already provide employee benefits, are your staff utilising what you offer? If not, it could be because they don’t understand how it works. 18% of those surveyed stated that a lack of information about the benefit as the reason that they hadn’t taken advantage of it.
Ensure that your employees know how the benefit scheme you have works and where they can get more information or ask questions. Consider multiple ways to disseminate the information so the maximum number of people can access it.
19% of people surveyed also indicated that the benefits their employers offered were not relevant to them. Get to know what your employees value the most to ensure that the money you are investing is good value, and you aren’t wasting it paying for a service no-one really wants.
Unfortunately, many small businesses feel that they are unable to provide employee benefits such as those listed above due to the perceived cost of implementing such a scheme.
This was definitely the case for one of our clients who wanted to reward her staff for their hard work but couldn’t see how to financially. We worked with her to find an affordable solution that met the company’s and the employee’s needs. The cost is often not as prohibitive as you might expect, and now they have staff that are more motivated and feel valued by their employer. You can read more about their story here – Case Study: How we helped a business reward its staff through employee benefits.
Employees that feel cared for and appreciated are likely to be happier in their work. In turn, employees who are happy at work are also more likely to be more productive, focused and want to succeed. All of this is a benefit to your business and its profitability.
A good employee benefits offering has the potential to help you retain key people and attract new talent to facilitate your business to continue being successful in the future. Contact us today to get started and find out how you can create a brighter future for your business as well as your workforce – 01424 777 156 or email@example.com
If you found this information useful, you may also want to check out the following:
- Misconceptions About Employee Benefits
- How to manage the stress of owning a business
- Would you let your employees pick their own salary?
MRA help individuals, businesses and families achieve the best quality of life they can with the resources they have. MRA specialise in corporate solutions, cash-flow analysis, taxation, debt management, savings and investments, lifestyle planning and much more.
Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells