Equally everyone knows that money is tight and the discretionary employee reward bucket is prettyThe modern workplace is no longer male dominated, with over 48% of the UK workforce being made up by women. It is now common for families to have two working parents and with the retirement age increasing, families can no longer rely on grandparents or older family members for childcare.
These changes mean that finding a good work / life balance is more important than ever before and the modern workforce expect their employers to help provide this balance.
At the moment Employers are not expected or legally required to offer a range of Employee Benefits, however many still do.
Employee Benefits is a fantastic tool to help with:
- Employee Engagement
Engaged employees are satisfied employees who are invested and work harder to reach their targets and goals set by the company.
- Productivity / Profits
Increase productivity levels which in turn creates an uplift in company profits. 54% of Employers saw an increase in productivity after they implemented Employee Benefits.
- Job satisfaction
Make employee’s feel valued and appreciated without having to give large salary increases. 59% of employees stated Employee Benefits were a significant reason for staying in their current roles.
- Absence
Reduce levels of staff sickness and improve staff retention, reducing expensive recruitment costs.
- Culture
Improve your company culture and work / life balance for your workforce. 43% of employees felt they had a better work / life balance with the implementation of Employee Benefits.
- Attract / Retain
Attract the best candidates to your company – recruitment companies report a 30% increased interest in job roles promoted that provide Employee Benefits.
For large companies within the UK, Employee Benefits have become to be expected and they spend a large amount of money providing a wide range of benefits to help them attract and retain the best talent within their industry sectors.
Small to medium companies have a smaller budget and so they find it increasingly difficult to offer cost effective benefit packages, allowing them to attract and retain their employees.
Inspired Rewards is an Employee Benefits package that was specifically designed for small to medium businesses, providing a wide range of benefits their employees can choose themselves in a cost effective way.
Article by Rachael Morse, Member Benefits Manager at MBL Solutions Ltd. – A sales and marketing professional with over 10 years experience as well as being a part time sales and marketing blogger.
If you are interested in learning more about Employee Benefits and what Inspired Rewards can do for you, please contact Rachael Morse – 0191 250 4530 or email rachael.morse@mblsolutions.co.uk
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