Top Benefits Employees want
15th Feb 2024
In today’s competitive job market, employers are consistently seeking strategies to draw in and retain top-tier talent. Offering competitive salaries, whilst important, might not always be enough.
However, with so many options available: Where should you begin?
According to our data, we are seeing 81% of clients settling on either three-day (38%) or two-day (43%) office week. Introducing flexible setups, like hybrid environments and adaptable schedules, enhances engagement, loyalty, and decreases turnover.
- Health and Well-being Benefits: In the SHRM Employee Benefits Survey, a notable 89% of participants considered healthcare benefits to be either "very important" ranking it the highest among all listed benefits.
Health benefits encompass any perks that empower employees to prioritise their mental and physical well-being, whether at work or outside of it. Benefits include, gym memberships, Mental health support, Dental Insurance, Parental leave and family support to name a few.
- Learning and Development Opportunities: Did you know that 65% of UK employees seek new opportunities due to a lack of personal development?
Providing growth avenues like mentoring, education support, and training not only aids retention but also enhances job satisfaction, productivity, and a sense of purpose.
- Financial well-being and cost of living support: Willis Towers Watson's research reveals that 74% of employers prioritise the financial well-being of their employees in the coming three years.
This is particularly significant given the UK's severe cost of living crisis, with a 10.4% increase in the annual rate of CPI inflation in February 2023—the highest in decades.
- Diversity, Equity, and Inclusion (DEI): In the ever-evolving business environment, diversity, equity, and inclusion (D&I) have become integral factors for organisational prosperity. Championing Diversity and Inclusion goes beyond morality; it presents a strategic edge.
A report from the Chartered Institute for Personnel and Development (CIPD) revealed that companies fostering inclusive cultures are 2.5 times more likely to achieve above-average employee engagement.
- Pension contribution matching: With the state pension age rising, employees seek benefit packages aiding retirement savings. Every business must legally include a workplace pension in its offerings.
The contribution amount and matching options become pivotal in distinguishing your appeal to employees. This not only demonstrates commitment to their current well-being but also signifies ongoing support, even post-employment.
If you want to learn more about how to attract and retain talent, consider contacting our Director and Co-founder, David Terry. You can contact him via email: david@pivotallondon.co.uk or call him on : 07554010308.