The benefits of benefits
Let’s talk about benefits. Work perks. All those added extras you offer your employees. And no, I’m not talking about the stuff you’re legally entitled to give your people, like holiday allowance, a fair salary and a workplace pension.
I’ve heard of some crazy ones in my time, from office bars and puppy daycare, to in-house masseurs and botox injections (yes, you read that right). The possibilities are quite literally endless. But do they really matter?
The answer is yes. Yes they do. And here’s why.
The perks you offer your employees impact your employer brand.
We’re in 2021 and the war for talent rages on. It’s more and more difficult to attract and engage top talent. It’s also getting harder to retain those superstars. Just because an employee signs a contract, doesn’t mean they can’t leave in a few years. Or even a few months. These days, people are changing jobs more frequently.
It’s a real challenge. But you know how they say that the small things can make a big difference?
Offering perks let’s your people know that you’re invested in them. In their health. In their future. We’re seeing more and more organisations offering gym memberships, private medical care, private dental care and wellness classes. Some perks even include fresh fruit deliveries and other healthy snacks to help employees stay in tip top shape.
But as important as health and wellbeing benefits are, there’s also plenty of room to be creative. Your benefits package tells your employees that you care about improving their life outside of the workplace. That they’re not just a cog in the machine or a bum in a seat. Your benefits show your people that you want them to have a great work-life balance.
And here’s one more - your benefits can also give you an edge over your competitors.
If a candidate is choosing between two similar organisations, who do you think they’re gonna want to work for? The company offering free parking, a day off on your birthday and a few free lunches here and there, or the company offering free cinema tickets, unlimited holiday, office parties and bring-your-dog-to-work days? Pretty sure we all know the answer to that one…
If that’s not enough to convince you, then maybe this will help:
69% of employees would choose one job over another if it offered better benefits.
78% of employees say that employee benefits are very or extremely important in their decision to accept or reject a job.
75% of employees say they’re more likely to stay with their employer because of their benefits programme.
So if people employees who have a rewarding and engaging benefits package are less likely to leave an organisation, which will actually save you a hefty amount of money in the long run, then what are you waiting for?
Whether you have a benefits package or not, right now is a great time to address it or give it another once over. The coronavirus pandemic has shaken things up and your offering might look a little different now compared to 12 months ago.
Employee benefits go a long way in helping your people to feel valued. The more valued your people feel, the more engaged they will be. And the more engaged they are, the more motivated they will be to bring their best self to work.
What benefits do you offer your employees? If you want to know how to better communicate your unique offering to candidates and employees alike, then let’s chat. You can find me on LinkedIn or Twitter.