Employee benefits. All companies offer some form of them. But what are the benefits to benefits? Well, Willis Towers Watson found that 75% of employees are more likely to stay with their employer because of their benefits package. So clearly employees and potential candidates value the benefits on top of just their salary, but what are the best employee benefits and why?
The What and The Why
Let’s take a look at some of the most popular benefits to offer UK employees!
Home, sweet home
In the wake of the COVID-19 pandemic, many companies were forced to reassess their working models. Once it became apparent that more flexible working options were fundamental in having employees be able to complete their workload, working from home became the norm for nearly 70% of full-time workers, and the introduction of this widely-used work style led to a large number of companies operating either fully remotely, or hybrid working offering remote work for some of the week.
But why does it benefit companies to offer hybrid working if they can? Well, being able to save money and time on the commute, not having to meal-prep for lunch, being able to complete housework within the lunch hour and creating a work environment that best suits their needs are just some of the reasons to opt for hybrid working. And the perks for employers? Less time in the office means spending less on those water and energy bills, as well as seeing less burnout and happier employees. One drawback to operating full remotely is more difficulty in socialising, but there are ways to overcome this! Read our blog on hybrid working to see the full list of pros and cons.
Let’s talk about health
In recent years mental health and employee wellbeing have been at the forefront of important workplace discussions. Why is it key to have health and wellbeing benefits in place? HIVE 360 found that nearly half of UK workers listed health and wellbeing support as their number one employee benefit in 2022. People are prioritising physical and mental health more than ever, but with long NHS waiting lists and private counselling options being costly, sometimes more help is needed. By giving people that bit of extra support and reassurance for when something as stressful as health problems arise, there’s one less thing to worry about.
Both personal and professional development are goals for most of us, as having a next step to work towards to improve ourselves stops us from feeling that we are stuck in a rut. In fact, Forbes recently found in a study that 93% of employees are more inclined to stick with an organisation that is willing to invest in their career development. Being provided with training and courses to further their career and take on more senior job titles can be a staff incentive to have them wanting to stay with the company for the long run.
Not exclusively looking at role specific training, there’s also the option to offer more personal skills training. Courses for languages that they have always wanted to learn, maybe even British sign language, management skills, and even cooking can all be tools that build confidence, give a sense of fulfilment and could even come in handy at work too!
Shop ‘til you drop
It’s not news to anyone that times are tight financially at the moment, with the cost of living crisis causing stress for paying for those basics like rent/mortgages, petrol, energy bills, and the weekly food shop. With inflation leading to price increases, the monthly budget doesn’t stretch as far as it used to, and with salary increases not being an option for every workplace, financial benefits can be a huge help. Just 6% of UK employees say they have not used any form of financial support in the last three years, proving the demand for more financial assistance.
From discounts on popular shops and grocery stores to financial advice from an external source, being able to save more can be a relief for staff. And, with My Staff Shop, the huge variety of shops participating in our discount scheme means that food shops, gym memberships, clothing, cinema tickets, and much more can offer discounts or Reward Beans for you to save up!
See how you can offer valuable perks to your people with a free demo!