Employee benefits are becoming increasingly more attractive to perspective and existing employees. This is essential to consider when trying to attract new talent into a business as well as retain current employees.
Tailoring benefits to meet employees' needs is something all businesses are becoming more aware of. Many are questioning if a generic package is of use anymore or does it need to be more specific to the individual, providing a choice on the perk's employees have access too.
However, benefits such as life assurance provide employees are generally fundamental to employees, providing a peace of mind and financial security as well as Employee Assistance Programmes which support employees to maintain their physical, mental and financial wellbeing. Therefore, creating a space where all employee benefits are together gives visibility to the aforementioned benefits as well as ones which are often forgotten about or underused by employees like retail discounts and salary sacrifice schemes.
Mike Clarke, Head of Employee Benefits at Fidelius said:
“Benefit packages are now more widely contributing to and improving wellbeing as well as promoting achievements, value and skills throughout our workforces with data from WTW suggesting that 75% of employees agreeing that they are more likely to stay with their employer because of their benefit packages.”
As discovered by the REBA, the Reward & Employee Benefits Association, educating employees with simple and straightforward educational videos that focus on the importance of employee benefits make employees feel more comfortable with making any changes to contribution levels or levels of cover or requesting benefits.
What should we be considering when setting up our employee benefit packages?
Look at the competition from other companies
Research the market to see what other companies are offering for their benefits package. The last thing you want is for your employees to switch companies due to their benefits package which can be disheartening.
Consider a Benefits Management System platform
Have you ever considered using a benefits platform, to personalise your Benefits Management System so that everything is in one place for ease. Although this will cost money, once you are set up, there will be little input needed from you once you.
Add up the costs
Ensure you set a budget for your benefits package, ensuring you can provide the same benefits to all employees should they wish to utilise them.
Fidelius
The Fidelius Flexible Benefits platform offers a Benefits Management System for all benefits to be viewed in one place, creating ease. They are trusted by a pool of well-known global businesses such as CooperVision, Volvo, Yeo Valley & Bath Rugby.
https://www.fidelius.co.uk/employee-benefits