Does your employee benefits package meet the changing needs of your employees?

The needs of employees are changing all the time. Why? Because macro-environmental factors such as the economy, politics, the law, technology etc. are always changing and while companies need to be aware of these changes from a business perspective, they also need to be aware of how it affects their own employees. So how does your company’s benefits package match up with the needs of your employees today?

A study by Get Living of 2,000 employees found that flexible working hours and holiday allowance were the most favourable job perks across all age groups. Younger employees in the 18-24 years of age group reported that mental health care and housing help were the two most important requirements for them.

Employees over the age of 55 reported that dental care and leisure discounts were the perks they wanted the most.

Health care was a popular benefit across all age groups, while as mentioned holiday allowance was also popular.

These findings reflect many recent studies which show that flexible working and work-life balance are increasingly popular among employees across the UK.

3 benefits you should consider

Holiday trading

Holiday Trading is a key benefit. The advantages of Holiday Trading make it an absolute no-brainer for any company to make a part of their employee benefits offering.

As Holiday Trading is so popular, and work-life balance is becoming more and more important, it’s a benefit that will almost certainly boost employee retention. It’s also a great tool for attracting top talent. Being able to say you offer a certain holiday allowance that the employee has the option to increase looks great on any job advert.

It also gives employees choice. With Holiday Trading, there is sometimes the option for employees to sell back their holiday to their employer. Believe it or not many employees actually don’t use their full holiday allowance. Regardless of an employee’s priority, the more choice there is the better.

One of the biggest advantages of Holiday Trading for employers is the Tax and NI savings. Running a Holiday Trading scheme can actually save employers money before they even consider the associated turnover costs.

Health and Wellbeing

Whether it’s dental care, general healthcare or mental health options, health and wellbeing seems to be a big demand from all employees, regardless of their age group. Offering a comprehensive wellbeing package is more important than ever.

Again, there are tons of advantages to providing health and wellbeing benefits for your employees.

Financial help

This one will help your younger employees in particular. The housing market is a difficult one to navigate for first time buyers and saving is a massive priority. It can also be even more difficult with poor interest rates. Of course, there’s ‘help-to-buy’ available but employees need better ways of saving and salary sacrifice can help massively.

Furthermore, financial education can be hard to come by. First time buyers need help navigating the tricky housing market and your financial wellbeing offering can include this.

If you don’t already offer these benefits, now is a great time to start. If you do, think about how you communicate them. According to the research, these are the benefits that your employees want the most. Consider the reasons why your employees want them and tailor your communications based on this!