These days, when it comes to rewarding their staff, most firms keep their salaries under constant review, but is that enough? Should they also be constantly reviewing and redesigning their employee benefits too?
Changing technology and the advent of cloud computing and co-working software have led to significant shifts in the way we work. The workplace priorities of employees, particularly the millennial generation, are also shifting accordingly. So, without constant review, how do you know what your staff really value? And what can you do to stay competitive in the rapidly advancing workplace environment?
The importance of a competitive benefits package
A recent Jobsite survey has revealed that 86 percent of employees are influenced by a benefits package when deciding whether to move jobs or take a new role. However, despite the clear importance the benefits package has, the research found there was a clear discrepancy between the perceptions of the perks on offer. In fact, while 62 percent of HR managers felt their package was ’very good’, just 47 percent of staff felt the same way.
Not only does this research show the clear value employees place on a benefits package, but it also highlights the importance of maintaining an open conversation between HR and the team to ensure the perks on offer are things they’ll really value.
What benefits do staff value the most?
Many employers tend to think that employee benefits are expensive, but often the most valued perks do not cost much at all. Something as simple as a regular supply of fruit in the office can bring clear benefits for the employer and the employee.
Staff are also extremely interested in flexible working provisions, which again, do not need to be expensive but can have a significant impact on the happiness and motivation of the team. In fact, flexible working, which can be achieved simply by giving staff access to remote working platforms, was the third most desirable employee benefit behind more paid holiday leave and an enhanced pension scheme.
Communicate employee benefits clearly
Another key point is to make sure your team understand exactly what their benefits package includes. There is often a disconnect between what the benefits package is perceived to include and the value it actually provides. Having HR explain each of the benefits and perks carefully can act as a powerful retention tool.
So what can you do to boost the value your team places on the benefits and perks you offer?
Consult employees regularly to assess how they perceive particular benefits.
Think about how the age and demographic of your workforce might impact the priorities of your team and offer flexible packages where possible to account for that.
Take a close look at the benefits your competitors are offering.
Consider creating a carefully crafted statement which explains exactly what each benefit means and how it can be used.
In your experience, what employee benefits are valued the most? Please share your thoughts with our readers in the comments below.