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When people are financially invested, they want a return. When people are emotionally invested, they want to contribute. That’s why many organisations are beginning to understand the place of employee wellbeing in the workplace. Employees are more than the individuals that get the job done at your company; they are also human beings.
Human beings get tired, exhausted, and suffer from burnout. As a result, their mental health and energy get depleted. Knowing that your hardworking employees are prone to these things like any other human being should spur you to provide recuperating and wellness measures for your employees.
Improve productivity and performance levels
Employee benefits are so much more than just ‘perks’ and extra add-ons for employees over and above their compensation package. When approached and implemented correctly, they serve as an effective tool in creating and maintaining a desired company culture, a way of nurturing loyal employees as well as are an incentive to improve productivity and performance levels.
Offering an employee benefits package will spur many talented and top-line candidates to apply to work at your organisation. This is because they understand the ease and relief these packages bring and are willing to offer their services in return for enjoyable benefits.
Stable, secure, and credible
Also, employees are more likely to remain at a job that offers them fringe benefits in addition to their salaries, unlike others that don’t. This helps lower your employee turnover rate, which portrays your organisations as stable, secure, and credible.
Some employee benefits are mandatory, like pension contributions, paid parental leave, and paid holiday for example. But beyond this, different workplaces offer different kinds of benefits through their employee benefits. Some of these benefits can include flexible and remote working, private healthcare and discounts.
Different types of employee benefits are usually grouped into four main categories:
- Work benefits
- Health Benefits for health
- Financial security benefits
- Lifestyle benefits
Potential for significant savings to be made
The world of employee benefits never stands still, which is why there is the potential for significant savings to be made with a regular review of your employee benefits. For example, employers can make great savings on their National Insurance Contributions by utilising salary exchange for pension contributions, which can be advantageous for employees too.
Simply offering top salaries to attract and retain staff is no longer enough. A healthy, happy team is essential for growing your business. An up-to-date and highly relevant employee benefits provision is as important as ever today as employers compete to recruit, retain and engage talent.
Emerging trends in what businesses need
These emerging trends in what businesses need and what employees are looking for in their work are crucial for building a suitable employee benefits package that helps support the delivery of your HR and business objectives and supporting employees.
A well-managed employee benefits solution is a great support to employer and employee alike, and a regular review is vital to ensure its potential is maximised.
Looking to deliver an innovative employee benefits offering?
Creating an employee benefits strategy, transforming the current one or reviewing what you have in place need not be a burden.
We are here to support you with the diverse needs of your business and your people, helping you develop and deliver an innovative employee benefits scheme that will engage employees, improve efficiencies, maximise ROI and reduce cost and risk.
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