Employee benefits are significant in an employee’s decision to accept or reject a job. That’s according to research by EBRI, who found that in fact 78% of employees agree and say that it’s very or extremely important in their decision.
One Medical conducted research that found 69% of employees would choose one job over another if it offered better benefits.
Willis Towers Watson found that 75% of employees are more likely to stay with their employer because of their employee benefits package.
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Employee benefits can save employees money every week
If you can save employees money and make their pay go further, you’re on to a winner. Childcare schemes are often the most popular and commuting schemes can cut costs for employees significantly, particularly as fuel prices increase. Many employees make savings on their weekly shop with employee benefits which can lead to big savings in the long run.
Employees can save on loads as there’s tons of different benefits and schemes available.
If employees switch jobs, they could lose savings
Even if a new employer is offering an employee a higher salary, if they don’t offer the same or better benefits employees might actually see themselves more out of pocket each month.
As mentioned, potential new employees see how much they could save with your employee benefits as a deciding factor in their decision to join you. Equally, your current employees will see it as a deciding factor in whether they should leave and join another company.
Employers should always be reviewing their employee benefits offering to see how comprehensive it is compared to their competitors.
It emphasises that employers care
A good employee benefits package will include childcare vouchers, a cycle to work scheme, financial wellbeing and health and wellbeing benefits. Potential new recruits will favour a company that can offer these compared to a company with an inferior employee benefits offering.
Offering these shows that the company cares. This can then be emphasised through social media and job roles and create positive PR for the company.
Employee benefits can be deciding factors
For example, benefits like commuting loans can provide options for candidates further afield. A potential new recruit could have doubts about their commuting cost or ease of commuting to and from work and offering them an alternative option could be a deciding factor.
The same can be said for popular schemes like childcare and bike to work schemes. Particularly considering the savings people can make through childcare schemes, if a potential new recruit sees how much he/she could save it might be a deciding factor. A bike to work scheme offers employees savings they wouldn’t find anywhere else and again could be a key factor in someone’s decision to join your company.
The key to recruitment and retention
A comprehensive employee benefits package offers a genuine competitive advantage for employers looking to build a talented team of employees. It can be the difference between talented new recruits choosing you over a competitor.