The Importance of Staff Benefits Packages
In this increasingly competitive world of commerce, there are many reasons why employers should offer comprehensive employee benefits packages to their workforce. In addition to forming the basis of a competitive job offer, an industry leading benefits package, has the potential to attract the recruitment and retention of a highly motivated workforce. It is important to remember, that jobseekers are increasingly more interested in the contents of employee benefits packages and their perceived value.
In this article, we’ll cover some of the key reasons why attractive employee benefits packages, are beneficial to both employees and employers.
Boosts job satisfaction and morale
A well thought out and comprehensive employee benefits package, can directly improve both the fulfilment and positivity of employees in the workplace. It is a prime indication on behalf of the employer, that their workers are valued and their efforts are recognized, by bestowing quality of life benefits, such as ancillary health insurance, flexible working arrangements, sick pay and travel loans, to name just a few. A comprehensive package of employee benefits, improves morale and motivation – meaning employees will be far less likely to leave the company and seek alternative employment.
Over time, this helps to nurture strong team-spirit among workers who share many years working together as a unit. This can lead to greater efficiency, and ultimately save money, by lowering staff turnover.
Improves work-life balance
In the wake of the Covid-19 pandemic, a substantial proportion of workers, have had the option of remote and hybrid models of working. For a large number of these employees, this has offered significant improvements to their work-life balance, with large reductions in travel times, and the associated costs of being in corporate work. As we move on from the pandemic, it’s important for employers, not to lose sight of the benefits that flexible working offers to employees, and how they can incorporate it as part of a well-designed benefits package.
Home working can relieve staff stress, reduce sick leave, and increase overall efficiency – a win-win situation. Companies can retain their talent because of greater staff satisfaction. Many parents, in particular, appreciate working from home, to ease childcare costs and logistics.
Other examples of employee benefits packages, improving quality of life, include, offering a generous quota of paid holidays, which allow workers to spend quality time and longer vacations with their loved ones; and paid training, to improve employees’ skills, increasing their productivity and opening up the possibility of promotion.
Lets you hire talent outside your locality
An excellent employee benefits package may contain a relocation assistance package within it. These packages offer significant incentives to attract applicants from outside the local area, as they can subsidise the costs of moving to a new town or city. This makes the job offer far more attractive for candidates who are currently located elsewhere, and for employers, it can effectively increase the “catchment area” for prospective employees. This can be crucial when there are industry specific skill shortages in the operating area.