Unpacking Benefits: Building A Stronger Workplace One Perk at a Time
In today's highly competitive job market, having a cohesive team isn't just about hiring the right people. It's about attracting talent, keeping them, motivating them, and ensuring they're at their best, both in health and spirit. One of the most strategic ways to do this is by offering a robust benefits program. Let's dive into understanding the value of these benefits, bust some myths surrounding them, and explore how to find the right fit for your company.
The Business Case for Good Benefit
Employee Satisfaction
Benefits go beyond just the salary. They showcase a company's commitment to its employees' well-being. Employees with access to good benefits are more likely to be satisfied with their jobs, leading to lower turnover rates.
Retention and Attraction
A good benefits package can make your business stand out in the recruitment process. It not only attracts potential candidates but ensures they remain loyal to your business, reducing recruitment costs in the long run.
Enhanced Productivity
Healthier, happier employees mean a more productive workforce. By providing benefits such as healthcare, wellness programs, or even mental health support, you ensure your employees are at their peak performance.
Myths and Misconceptions about Benefits
Myth 1: "Benefits are too expensive for SMEs."
Reality: There's a range of flexible and scalable benefits suitable for businesses of all sizes. By investing smartly, the return on investment in terms of employee satisfaction and retention can far outweigh the costs.
Myth 2: "Employees only care about monetary benefits."
Reality: While bonuses and pay raises are appreciated, studies have shown that non-monetary benefits like flexible working hours, professional development opportunities, or health and wellness programs are highly valued by employees. In our experience many of our client’s employees are finding that the 24/7 GP is an unbelievable benefit, allowing them to see a GP far quicker than waiting for their own. For the employer, this also means people can be diagnosed, treated, recovered and back to work sooner.
Myth 3: "Only larger companies need to worry about a comprehensive benefits package; smaller businesses can get by with the basics."
Reality: Even if you're a small business, a comprehensive benefits package can set you apart from competitors. Offering a unique or tailored benefits program can position an SME as a caring and forward-thinking employer, making it an attractive place for top talent. Losing one person in an SME can represent 5-10% of the workforce, so having the right package in place is essential in retaining the best talent.
It's not about the size of the company but the value it places on its employees.
Finding the Right Benefits for Your Company:
Understand Your Workforce
Knowing the unique needs and desires of your employees is paramount in a dynamic business environment. Direct engagement, through methods like surveys, offers the dual advantage of crafting tailored solutions while fostering a culture of inclusivity. As you listen to the diverse voices within your organisation, you not only create a roadmap to a benefits package that resonates but also strengthen the bond of trust, underscoring the message that every employee's well-being is a priority.
Competitor Benchmarking
In the quest to attract and retain the best talent, understanding where you stand vis-à-vis competitors becomes essential. By benchmarking your benefits against industry peers, you ensure you're neither falling behind the curve nor missing out on innovative offerings that are becoming industry norms. More than just keeping up, it offers a strategic viewpoint—identifying gaps that can be turned into opportunities, allowing your business to offer something unique and compelling in the marketplace.
Consult Experts
The landscape of employee benefits, especially pensions, is intricate and constantly evolving. Our team of consultants at Corinthian can offer a unique perspective for your industry, your business and your people. We work with our clients to blend market insights, regulatory understanding, and strategic vision. This partnership not only ensures compliance and cost-effectiveness but also empowers businesses to craft a benefits program that's truly best-in-class, balancing both contemporary trends and the unique ethos of the company.
Your Action Steps - Building A Better Workplace
1. Reflect: Look into your current benefits package. Review what the uptake has been.
2. Ask: Conduct an anonymous survey among employees to gather feedback on desired benefits.
3. Research: Understand what your competitors are offering. This will give you a benchmark.
4. Plan: Set a budget. Consider the scalability and sustainability of the benefits you plan to offer.
5. Implement & Review: Roll out the new benefits and regularly review their uptake and effectiveness.
Authors
Paul Andrews, Director of Corinthian
Paul has been in the industry for over 35 years and been providing advice to companies, trustees and members of both DB and DC schemes for the last 24 years.
Paul joined Corinthian in 2015 and is the Director responsible for the new business proposition. He also manages and supports the Employee Benefits and Client Management teams within the North region.
Natasha Newby, Head of Proposition Development at Corinthian
Natasha has been in the industry for over 25 years and been providing advice to companies, and members of DC schemes.
Since joining Corinthian in 2018, Natasha has worked closely with SMEs to align benefits with corporate strategies.
Natasha is also responsible for Corinthian’s Independent Schools proposition and developing relationships with Professional Introducers.
Build A Better Workplace
This blog is part of Build A Better Workplace, our 8-day email course where 4 experts in leadership, hiring, employee benefits and professional development share a blog and short follow activity designed to help you take actions that will:
Improve your employee retention rate
Increase your business productivity
Increase employee satisfaction
Increase your attractiveness to potential employees.
Fill in the form below to subscribe to our mailing list and receive the follow-up activities for all the Build A Better Workplace.
