Employee benefits programs are becoming more common. In fact, many employees expect employers to have one in place. Not only is it important to build engagement within your existing teams, but it could directly affect your recruitment strategy. If you’re losing potentially great hires to firms with better perks, then it’s time to look at yours.
So how do you go about setting up an employee benefits program?
There’s no getting around it. These things cost money. So you need to be realistic about what you can afford to contribute to a benefits program.
You also need to realize that a proper employee benefits package goes far beyond free snacks and dress-down Fridays. While those things are good, they are extremely superficial when it comes down to it.
Ask employees what they want?
Survey your employees. You might be surprised by the answers you get. Discounts and tangible perks are always popular, but other types of benefits are much more valuable to employees. Things like flexible working, wellness initiatives, discounts on insurance, or free advice from capable truck accident lawyers or medical professionals when they need it.
You aren’t obligated to provide all of these things, but it will give you an idea of what matters to your employees.
Give benefits that have substance
Most workforces are made up of people of varying ages and people who are at different stages of their lives. Different benefits will appeal to people at different times in their lives. Take this into account when designing your range of benefits.
Consider some optional benefits
In addition to your core benefits program, you could look into additional, optional benefits that people can choose to swap in or out to suit their priorities. Or, you can have additional benefits for your top performers to ensure that they aren’t tempted to leave. This can include contributions towards pensions, extra holidays, or sick pay.
Use employee benefits platforms
It can be complicated to set up your own benefits program completely from scratch. Finding and negotiating with suppliers and setting up contracts can be time-consuming and expensive.
In response to this gap in marketing. There are specialist employee perks platforms launching all the time. They provide a choice of a suite of benefits for your employees. You can choose from a list of discounts, freebies, and preferential pricing from hundreds of suppliers.
Another benefit of these platforms is that they are usually run on a per user per month costs, so you can keep control of cashflow and scale up and down as you need to.
A strong employee benefits package is one pillar of a strong company that invests in its employees. Not only can it improve employee engagement, but it can also attract high-quality applicants when you are recruiting.
The best employee benefits programs shift focus away from fads and PR-friendly initiatives and really drill down into what matters to their employees and what will make a difference in their careers and lives.