From the best physical, mental, and financial wellbeing employee benefits to how to make them cost-neutral. We cover the ins and outs of employee benefits, why they matter to your people now more than ever, and what the workforce of tomorrow expects.
What are Employee Benefits?
This may seem like a redundant question in the world of the HR professional because we all understand what employee benefits are. They come in many forms, such as physical, mental, and financial packages or offerings that give your people something extra beyond their monthly salary.
We won’t list products here because our question is more philosophical: what do employee benefits mean to your employees?
Are they a perk of the job? A nice to have? Something that sets one employer apart from another, or are employee benefits essential to your employees’ daily lives?
During times of prosperity, many employees would think of an employee benefit as a bonus, but today, in the current climate, that last point is coming more into the conversation. Simply put, your employees’ wages aren’t stretching as far as they once did.
86% of the population has had to make cuts because of the cost-of-living, with just 12% of Britons saying they have not made any cuts yet, nor expect to have to make any (YouGov).
If you apply this statistic to a business with 250 employees, 245 of them are being financially impacted and have to make cuts to afford daily essentials such as heating, food, fuel, with only five unaffected by the rising cost of living.
So, we’ll ask the question again. What do employee benefits mean to your employees?
In this blog, we take a look at: what are employee benefits, the impact of the cost-of-living crisis, making employee benefits matter, and making employee benefits impactful.