Research also shows that a business’s employee benefits package is of increasing importance to potential candidates when considering offers of employment with health and wellbeing in the workplace a driving factor for many.
But are businesses spending their budgets on benefits that their staff actually value and are they communicating this in the best way to make sure that staff are aware of what they have access to?
Businesses are increasingly measuring staff engagement levels on a regular basis to seek, amongst other things, feedback on the type of benefits that employees want. What is always clear from the results of these exercises is that the age of the employee has a direct affect on their views of what is important or not and therefore a “one size fits all strategy” may not be the best way for employers to engage their team.
Whilst traditional benefits like Private Medical and Life Insurance remain popular, especially in light of the continuing strain in the NHS, research shows that many employees want a greater degree of flexibility in the benefits on offer with voluntary staff schemes like Cycle to Work, health cash plans and the ability to buy or sell holidays seeing a sharp increase in popularity. It is interesting that against this backdrop, 72% of survey respondents offer no benefits flexibility to their employees despite the fact that many solutions can be implemented with little or no cost to the employer (survey conducted by Insider Media of their subscriber database).
Staff welfare and an increased awareness of stress in the workplace is a growing factor for many firms with 42% of respondents reporting an increased frequency of work related stress in the last 12 months. Many businesses still don’t realise that they can access free Employee Assistance Programmes as part of their Group Life, Private Medical or Income Protection schemes or fail to communicate this effectively to staff, a valuable benefit going begging…perhaps!
Two things are clear. The battle for talent is only getting harder and the needs of employees keep on changing. As such, good practice dictates that employers need to periodically evaluate whether their strategy and budget is keeping pace with their workforce.
It’s not about spending more, it’s about spending well!
ICB Group are well placed to advise and assist – why not ask for a review of your Employees Benefits with us today? For more information, please contact me directly on the details below.
Stewart Neale DipPFSAccount Director
ICB Financial Services Limited
M: +44 (0) 7557 740 300
ICB Financial Services Limited is authorised and regulated by the Financial Conduct Authority