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Worth It? Here are the most valued employee benefits

A measure of a good employee benefits platform is one that is both cost-effective and has high uptake from staff. Finding this balance with a diverse workforce can be tricky, but there are benefit solutions that can provide value for your employees, while being good value for the company.

For employers, a well chosen staff benefits scheme has a high return on investment for employers, while being utilised and enjoyed by employees. Here are some of the valued benefits that you can give your team:

Health Benefits

Health Benefits are climbing the ladder to become a highly valued employee benefit, especially for younger employees. In fact, a survey of UK employees found that 64% of 18-34 year olds labelled health cover as their most valued job benefit.

From helping your workforce to take care of their physical health, to encouraging them to prioritise their mental health, health & wellbeing offerings are one of the top UK employee benefits.

Money Savings

A great cost of living support benefit is discount and cashback schemes, as they enable employees to save money on everyday expenses. When groceries, household costs, and travel costs can be lessened, or rack up savings, this can be a valuable perk to offer.

Bonuses and raises would be a great help to employees, but a more realistic and sustainable option for employers to offer across the organisation is a discount and savings platform. Whatโ€™s more, this is an economical benefit that can provide daily value.

Financial Perks

On this subject, there are further financial benefits that you can offer your staff to aid them with financial wellbeing. And with nearly 40% of UK workers experiencing financial stress, financial benefits like these are highly valuable.

One key financial benefit that you can offer is financial guidance services, helping them to better their financial literacy and make more forward thinking, informed financial decisions.

Another popular benefit is Salary Sacrifice which can support employees in large purchases such as an electric vehicle, or a state of the art bike. The other pro to Salary Sacrifice is the reduction of taxable income from employeesโ€™ pay.

Further financial perks can look like On-Demand Pay, where you can give employees more autonomy with their finances by allowing them to access their earned income before payday.

Flexibility

This refers to several things, all valuable to employees. Perhaps most notably, post pandemic working has seen a vast increase in remote, hybrid, and flexible working, with 9/10 employees surveyed by IIP seeing flexible working as a valuable health and wellbeing initiative.

Another valuable demonstration of flexibility is flexible benefits, as a diverse workforce requires options when it comes to their benefit offerings. Depending on the age, gender, life phase, dependents, and lifestyle of your staff, they will have differing needs and therefore value additional job benefits differently. This is where a flexible benefits platform really works wonders.

See how valuable My Staff Shop can be to your organisation, and get a free demo of the platform.