If you are an employer looking to implement an employee benefits package but you are unsure of what should be included, you have come to the right place! In this blog, we will cover what you need to know about deciding what to offer in your employee benefits package for your business.
What are employee benefits?
Employee benefits should be a standard in any organization and are perks that are offered to employees when they begin employment with a company. They are great for attracting potential employees and retaining existing ones, as they can boost employee satisfaction, thus improving productivity and engagement.
In fact, according to Forbes, one study by the Society for Human Resource Management discovered that .
As thoroughly explains, the benefits included in employee compensation packages can vary from company to company, so it is important to thoroughly think about what types of benefits you would like to include in yours.
Cost
With an employee benefits package, there will undoubtedly be costs associated with certain types of perks. You can opt for low-cost benefits if you are on a budget, but it would be a good idea to ensure that these benefits are still useful for your employees.
Other benefits, such as a home technology package, i.e., giving employees up to £500 worth of devices/items for their home working setup, can be a costly venture if you have many employees too.
However, such benefits may lead to improving employee happiness and productivity, which in turn ends up as a profitable return on investment.
Purpose
It is also crucial to consider the purpose of your employee benefits package and what you hope to achieve from it. This may help guide you in choosing the best perks for your benefits package.
Are you hoping to help your employees with their financial well-being? Then benefits like and medical insurance would be excellent perks for this. Meanwhile, if you are wanting to promote healthier lifestyles, incorporating benefits such as corporate well-being programs and fitness classes, free healthy snacks and drinks, cycle-to-work schemes, etc., may also be something to think about.
Don’t forget that you can combine these types of benefits together in your overall benefits package for a comprehensive package that champions well-being (financial, mental, and physical). This is extremely important in today’s age, where employee well-being is being put at the forefront of businesses (in terms of the workforce).
Value
Finally, a crucial aspect of a good employee benefits package is the value that it can bring to your employees. For example, if you know that the majority of your employees are struggling financially with the cost-of-living crisis, then offering them perks such as discounts on essential goods and items would be an incredibly valuable benefit for them, enticing them to stay loyal to your company.
Similarly, benefits like paid time off and additional holidays are also ideal for boosting employee satisfaction, especially if you feel that your employees have persevered through demanding times and are potentially on the brink of burnout.