Increase value from employee benefits when they help
BY: MATRIX EMPLOYEE BENEFITS
With UK job vacancies at over 650,000, and the economy in recovery, recruiting and retaining staff needs to be a priority for every company. This is particularly so for SMEs that can face tiff competition from larger corporates. Employee benefits can be a huge cost to a company if they don’t help your recruitment and retention drive. But if they do, they become some of the best investments a company can make – and SMEs can find they can compete with larger companies much more easily than they thought. Let’s look at how to do this.
Get the right benefits in place
Ensure the benefits are on a par with the level of staff you’re looking to attract. Look at what your own industry offers and look at other industries too. A wealth of talent can lie outside your usual circle, and companies can find they fly when they recruit from other sectors. A good employee benefits consultant can give you advice on what different levels of benefits employees will expect. Forget the tick-box This is not a tick-box exercise. Gone are the days when a half decent salary, pension contribution and healthcare were enough.
The world of employee benefits has moved on, and you need to too. Consider offering benefits that will be really valued, such as financial planning, access to legal helplines, discounted gyms, health and wellbeing benefits with incentives that reward improved fitness, etc. And they don’t have to cost the earth. Salary exchange, voluntary benefits, discounted benefits, are all options that spread the cost with the employee.
Employees get access to a wider range of benefits at good value and you don’t have to fund it all, so it’s a win-win. We can talk you through the different options. Promote at recruitment stage A company that’s got creative with their benefits demonstrates to new recruits that they’re a company that’s ahead of the game, has got their finger on the pulse and wants to go places. This can set you apart to a potential new recruit. So shout about it: in job adverts, at interview, at offer stage, in welcome packs. Perks give the feel-good factor, they add huge value, and really make the difference between someone choosing to work for you or a competitor.
Tell tell tell
The communication isn’t over once a new recruit is on board. Regularly tell your staff what you offer them. This might be on- your intranet, on notice boards, in staff newsletters. Make the most of all your communication channels to tell your staff how you’re looking after them. We’ve had some great results helping companies with their communications. The grass can look greener, but if your staff know how good they’ve got it, they’re less likely to look elsewhere.
All staff of every level like to feel valued, and your employee benefits package is a great way to demonstrate that they are valued. Be explicit Be explicit with the value of the benefits offered. Calculate the cost of the benefits and let your staff know what it is, or what it would cost them to access independently. Companies can often buy benefits much cheaper than an individual can, such as life assurance and health and wellbeing benefits, and it can be really helpful to lay this out. Consider Total Reward Statements that pull together the value of all the benefits in one place. These can be a great way to visually show just what an employee gets.
Employee benefits are enhanced all the time, new developments make some benefits more affordable than previously, staff change, business needs change. It’s vital that you regularly review what benefits you’ve got in place and have a handle on what’s available. We generally recommend an annual review to ensure you’re getting the best value, and that benefits are right for your staff and your business. As the UK economy recovers, getting the right benefits in place is only going to become even more important, and we’re on hand to help.