Finding benefits that employees will value has long been a struggle for many businesses. So, what benefits should you offer? Here are four leading options that you should consider.
One of the biggest problems in developing benefits for your employees is that when presented with a choice, many employees tend to say one thing and do another. For example, in a recent MetLife survey in the US, respondents said that having more time off was the workplace reward they would value the most. However, when it comes to making a choice, employees consistently choose money and benefits other than just time off.
With that in mind, what benefits will your employees really value?
Childcare Assistance
Arranging childcare is one of the most difficult aspects of working for parents with young children. Families working full-time and paying average childcare costs can spend up to 45% of their disposable income on childcare. Understandably then, providing childcare resources to employees with children will relieve some of the stress and financial burden and will be extremely well received. On-site childcare facilities, childcare vouchers, and reserved places at local nurseries are a few of the perks you can provide.
Ongoing development opportunities
One of the leading reasons for millennials leaving their jobs is due to a lack of opportunities to advance. The younger generation of employees want more than just a secure salary, they want to work in a role that provides opportunities for internal mobility so they can advance their careers. Offering education and development programs is an effective way to develop the skills of your team and show them that you’re willing to invest in their progression.
Some of the most common and cost-effective development options include:
● Cross-departmental training
● Training in new tools and methodologies
● Sending employees to seminars and events
● Providing access to learning resources
Healthy Living Benefits
Stress and inactivity have become two of the biggest concerns among the UK workforce. Extensive studies have shown that a healthy diet and regular exercise can reduce the symptoms of stress, depression, and anxiety. Therefore, keeping fit and healthy living is becoming increasingly important for a growing number of employees.
Employers are meeting these needs by providing perks such as discounted gym memberships, cycle-to-work schemes, and offering nutritious food at work. Simply providing a regular basket of fresh fruit from a supplier like Fruitful Office can promote a healthy lifestyle and be a thoughtful gift for employees.
Increased Pension Contributions
Many workers are concerned that they won’t be able to retire until they are 75 years old or older because of the underwhelming pension contributions made by their employers. Increasing your pension contributions can allay these fears and become an important strategy in your attraction and retention of workers. If you’re worried about the additional expense, increasing your pension contributions can help to lower your company tax bill, with contributions written off as a business expense.
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