Why employee benefits are a must-have in 2023
Looking for ways you can attract and retain good people? Find out why employee benefits are essential, and five of the most common.
No company can be successful in 2023 without having employee benefits. The challenges at the beginning of this decade led to hybrid working becoming the norm, and inspired workers to prioritise their wellbeing.
This means that there is now an expectation for companies to offer flexibility and support for staff, not simply a salary.
Employee benefits are not only advantageous for staff, but also for the company as a whole. Discover why employee benefits are a must-have in 2023 for businesses across all industries.
The advantages of employee benefits
The advantages of employee benefits for businesses are threefold.
Firstly, having a comprehensive benefits package is essential to attracting new employees. Offering more than the standard pension and minimum annual leave allowance will set you apart from your competitors and help you to hire the cream of the crop.
Similarly, good employee benefits are necessary if you want to retain employees in the long-term. If people feel cared for, they are much more likely to stay in their job and remain loyal to the business. Reducing your staff turnover keeps your team stable and highly knowledgeable and means you can get the most out of your investment. It will also minimise recruitment costs and training time.
Lastly, employee benefits help to improve mental wellbeing and quality of life, as well as increasing job satisfaction. This in turn leads to a happy and motivated workforce.
Five common employee benefits
Wondering how you can enrich your staff welfare offering? Find inspiration from these five common employee benefits.
1) Company cars
If your staff have to drive regularly as part of their job, consider investing in a small fleet of cars. Try to combine style, function, and affordability such as purchasing a collection of used BMW 1 Series models at a fraction of the brand-new price. These types of car are a great investment as they give your business a high-profile image and will prove reliable for years to come.
2) Financial incentives
Money is a fail-safe motivator and should feature in your employee benefits package. Small financial incentives like quarterly bonuses will go a long way towards keeping staff happy. You could also consider rewarding long-serving employees with a company profit-sharing scheme.
3) Additional time off
Financial incentives might be out of reach for some companies, especially burgeoning businesses. Providing the option of additional paid time off is a great alternative. This might look like a gradual increase in annual leave with each year of service, or the option of a sabbatical.
4) Wellness programmes
Taking steps to protect the mental and physical health of your employees will also be well-received. This can range from monthly massages and gym membership discounts to private healthcare packages. You can also participate in government-led wellness initiatives such as the Cycle to Work Scheme which offer financial support to businesses investing in staff wellbeing.
5) Flexible working
Lastly, flexible working has become an expected job perk since the start of the 2020s. Figure out a process that will ensure productivity while giving employees flexibility and implement this into staff contracts.
Hybrid working is a blend of office time and remote work which is proving popular. You could also look into offering flexible working hours which employees have the right to request.