Offering a competitive salary is increasingly seen as not being enough to attract and retain the top candidates, with many looking at benefits and wellbeing incentives when considering their options.
To ensure your company is attracting the right candidates, it is worth taking time to analyse wellbeing and benefits spending to ensure you are putting your money where your mouth is to keep employees as happy and productive as possible.
Let’s look at some of the top benefits employees want so that you can offer the perks that matter.
By law, employees aged over 22 who are earning more than £8,105 must be enrolled into a pension scheme; however, candidates will look at a company offering contributions in excess of those required by law in an incredibly positive light.
According to a recent study undertaken by the CIPD and Lane Clark & Pocock (LCP) of 568 HR teams, 25 per cent of employers would consider increasing investment into financial benefits for their employees, including incentives such as pension schemes, loans for those in financial hardship, and free debt advice.
In the same study, 29 per cent of companies would increase their investment in health and wellbeing, such as sick leave, employee assistance programs and flu jabs, over the next two years.
Happy and healthy employees are more productive and take fewer sick days; therefore, investing in this area can be a goldmine. Specifically looking at absences due to mental health, the UK economy loses over £8bn per year, with reduced productivity due to mental health costing a further £15bn.
Considering health and wellbeing spending in a proactive rather than a reactive manner can save billions. Those who have tried this strategy have claimed savings of £8 for every £1 invested in wellbeing.
Training and career development
Working on the front line forever is not the goal for most applicants, with many employees looking for a company to invest in their professional development. According to the CIPD and LCP, 43 per cent of companies would consider increasing their spending on training, paid study leave and professional subscriptions for their employees.
Other incentives employees have ranked highly include free tea and coffee at work, childcare vouchers, and social events such as Christmas parties.
In the CIPD and LCP study, 74 per cent of respondents stated that they do not regularly review benefit spending, with 21 per cent saying their benefits were not easily accessible. With 66 per cent of respondents confirming that benefits help them to get the best staff, it is bewildering that there is so little follow through. Most companies could not even say whether their investments into a benefits package was being utilised!
If you are not taking the time to review your benefits spending and whether people are utilising the perks, is it even worth offering them in the first place? Continued analysis of all company spending should always be undertaken to ensure your money is being invested in the best possible areas, particularly when your staff’s happiness and productivity may depend on it.