Five reasons why you should offer employee benefits

Your workforce is your greatest asset and a motivated, engaged employee is a gift that will keep on giving. Having a diverse range of employee benefits will help you not only retain your best staff but also attract fresh talent from outside your business.

In this blog we’ll go through some of the key advantages of having employee benefits.

Recruiting the best talent

It’s been said before but the modern day employee is looking for more than just a salary when looking for a new job. Alongside things like work-life balance, flexible working and a pleasant working atmosphere, the importance of an employee benefits package should not be underestimated. It’s a fantastic way to stand out from the competition in a saturated market and attract the best talent.

Retaining your employees

With the estimated cost of losing a key employee standing at £30,000, it seems a no-brainer that you’d want to keep your best staff. A comprehensive employee benefits package can play a big part in that and companies that offer employee benefits have far less employee turnover than those that don’t. If you want to keep your best employees and build a real team of experts around you, make sure your benefits are up to the mark.  

Happy employees are productive employees

Employee benefits can do wonders for staff morale too. You can offer them the latest technology, holiday trading, discounts on everyday essentials, the list goes on. The key to a happy workforce is asking your employees about the benefits they’d like, and tailoring your package to suit their needs. It shows that you’re willing to invest in their wellbeing and future success.

Savings

Employee benefits are also a great way for you and your staff to make real savings. You’ll save money on your tax and National Insurance (NI) contributions depending on the schemes you offer - which can be reinvested elsewhere. And your employees can save hundreds of pounds a year on everyday essentials, one-off purchases and even health care.

Employee wellbeing – work-life balance, health and financial

Offering employee benefits that promote the health and wellbeing of your employees is fast becoming a vital part of any company’s strategy. Dental plans, health insurance and gym memberships do more than just attract employees, they’ll keep your workforce healthier, happier and more productive.

The same goes for their financial health. Share plans, pensions and a money advice service can help them save for the future, and give them peace of mind.

Introducing policies that encourage a healthier work-life balance will help you to reap the benefits of higher productivity, lower absenteeism and a happier, less stressed workforce.

For more information on the best way to get started, email us at salary-extras@computershare.co.uk.