It’s probably no great revelation, that having a good employee benefits package can really help with recruitment and retention of staff.
A fact borne out by research, carried out by the Employee Benefit Research Institute (EBRI). Their findings showed that 78% of employees say that the employee benefits package on offer, is very or extremely important in their decision to accept or reject a job.
Further research by Willis Towers Watson found that 75% of employees are more likely to stay with their employer because of their employee benefits package.
Research by One Medical also shows that 69% of employees would choose one job over another if it offered better benefits.
Here, we look at some of the factors employees value in their benefits:
Benefits that save money make their pay go furtherMoney saving schemes they can benefit from frequently will have a big appeal.
Discounts on everyday shopping at supermarkets can really add up, especially those they use regularly.
Other big-ticket items like holiday offers, discounts on technology and Christmas shopping are also valuable.
Schemes to help employees with commuting can also help save a lot of money – such as cycling to work to cut out fuel costs or season ticket loans, making it more affordable to buy an upfront ticket to save money on their daily commute.
Employees who are used to benefiting from schemes that make their salary go further, will be less inclined to want to give them up and really consider whether that alternative job offer really stacks up.
It demonstrates your commitmentEmployees like to know they’re valued and having a range of options to choose from ensures you have something for employees with different needs.
A comprehensive employee benefits offering will offer cycle to work schemes, financial wellbeing advice and help, as well as help improving overall health. An employer that offers all of these is one that is much more likely to be looked upon more favourably by potential candidates for a role.
Offering these from an employer’s point of view goes a long way to showing how much they care about their employees. This can be emphasised through adverts for job roles or even through social media. Doing so will not only attract more candidates but create positive PR for the company.
Specific benefits can be deciding factorsCertain benefits offerings can be deciding factors in a candidate’s decision to accept or reject a role. For example, for candidates who live far from where the employer is based, commuting loans could help them spread the cost of commuting to work, which could make the job more attractive.
A health cash plan can also help, allowing employees to get discounted rates on dental treatment and eyecare for them and their family. For some, this kind of offering is more beneficial than for others.
The key to recruitment and retentionAfter considering the potential reasons behind the statistics outlined at the beginning of this article, it’s clear to see why employee benefits have such a big say in recruitment and retention.
They offer a genuine competitive advantage for employers looking to build the most talented team of employees. Furthermore, a good employee benefits offering is a great bargaining chip in negotiating with potential new employees.
For employers - introducing or upgrading their benefits offering is the key to building and maintaining a talented team.