In a highly competitive job market, employee benefits can make a big difference in your company’s attractiveness to top talent. Research confirms that an attractive employee benefit package also increases employee loyalty and increases productivity.
So what benefits do employees value the most? Read on to find out.
Medical benefits have climbed the charts and become one of the most compelling perks that employees look for. There is a growing health concern in the wake of the pandemic, and our National Health Service is struggling to keep up with demand, with more than 6 million people on the waiting list for hospital treatment, that’s one in nine people in the country. So it is not surprising that some degree of private health care has become more important in this context. Right health insurance ensures employees can get the help they need without worrying about cost. If you are looking to hire a new employee, they are more likely to choose your company if you offer better medical benefits than your competitors.
The type of coverage you offer will depend on your budget and the needs of your employees. Some companies offer comprehensive coverage that includes everything from doctor visits to hospital stays. Others only offer basic coverage, such as on-demand access to digital health. But given that access to an NHS GP can take weeks at the moment, it’s also a very attractive offer.
Dental and vision insurance
Dental and vision insurance are two types of benefits that are often overlooked but very important to employees. Dental problems can be costly, and vision problems can lead to lost productivity at work. By offering dental and eye care services, you can help your employees avoid these costly problems.
Life insurance is another valuable employee benefit that your company can offer at a relatively low cost. It gives them peace of mind knowing that their loved ones will be taken care of financially if something happens to them. There are many different types of life insurance, such as term life insurance and life insurance.
Paid vacation and holidays
Another benefit that employees appreciate is paid vacations in excess of the legal minimum. This includes vacation days, sick days, and personal days. Paid leave allows employees to take the time to recharge and return to work refreshed and ready to go. It’s also a great way to show your employees that you value their work-life balance. Paid time off is also a great way to show your employees that you appreciate their dedication to their jobs.
Employers in the UK are now required to automatically enroll all staff in an occupational pension scheme. As a minimum, you must contribute 3% and the employee must contribute 5%. Three percent is relatively low, and you can stand out as an employer by offering a higher contribution. By offering an increased contribution, you give employees long-term peace of mind knowing they are valued and will have a comfortable retirement.
An astonishing 88% of employees are willing to work for lower wages in exchange for some flexibility in working hours and location. This is a huge benefit for employees, and it’s gotten even bigger because of the pandemic. People have learned that they can work from home, spend more time with their families, and still get the job done. Many do not want to return.
Flexible work allows you to expand your talent network to include many more people who may have caregiving responsibilities. This reduces travel time and costs, and reduces employee bills for unexpected travel expenses and the stress that often entails. Flexible working comes at a low cost and in fact has the potential to offer huge savings in office space and travel costs. Working remotely is a great way to maintain work-life balance and show your employees that you appreciate them. There are many ways to promote remote work, such as flexible hours, remote work, and parental leave. Never forget that a happy employee is a more loyal and productive employee.
Another important benefit that employees value is childcare benefits. This is because it helps them afford quality childcare so they can focus on their work. Childcare allowances can include everything from on-site daycare. to provide child care vouchers or pay kindergarten fees. Before deciding on a plan, it’s important to find out what benefits your employees need and want.
We collect the package
These are just some of the employee benefits most valued by workers in the UK today. Survey and speak with your current employees to determine what matters most to them, then conduct a cost-benefit analysis that takes into account long-term returns, including reduced recruitment costs and increased productivity. Then, once you’ve put together the right employee benefit package for your company, make sure it’s clearly advertised along with salary in your future hiring information, and also that you’re also clearly advertising it to current employees.