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5 Ways In Which Your Employee Benefits Scheme Can Enhance Your Workforce

July 27, 2023

No business can succeed without a dedicated and committed workforce. However, attracting and retaining this workforce becomes increasingly challenging as the UK public face tightened budgets due to the high cost of living and rising rates of inflation.

Many businesses cannot raise salaries to compensate for the increased cost of living, but even if they could, research repeatedly demonstrates that salary is by no means always the deciding factor for job seekers. In fact, the employee benefit that is valued most highly by 67% [1] of people polled by CIPHR in 2022 was paid sick leave.

This makes it clear that developing an attractive employee benefits package is essential in order to attain and retain a diverse and collaborative workforce, whose needs are met and whose commitment to their employer remains high.

In this post, we explore 5 ways in which employee benefits companies can support your business to develop an employee benefits programme which will increase retention rates, appeal to job seekers, improve productivity and drive profitability.

1. Attract the top talent.

The right benefits package increases the size of the talent pool that is available to employers, as talented job seekers originating from other industry sectors who have appropriate transferable skills are more inclined to develop an interest in what your business can offer them.

In many cases, when two jobs in competing industry sectors offer similar roles with similar levels of compensation, the determining factor will be the ability of each organisation to demonstrate a genuine commitment to improving the well-being of its employees.

Employee benefits companies work across a wide range of industry sectors and can help businesses to tailor their employee benefits scheme to appeal to the widest possible cross-section of suitably skilled job seekers.

2. Improve retention rates.

When employees are rewarded for their commitment, they become increasingly loyal to their employer and less likely to seek employment elsewhere. This reduces staff turnover, increases the ability of the organisation to map out internal career paths for its high performing employees and produces quantifiable savings on recruitment costs.

The cost of partnering with an employee benefits company pales into insignificance when compared to the savings that can be achieved through increasing staff satisfaction and retention rates.

3. Enhanced productivity.

Employees who feel valued and who are committed to delivering in accordance with their business' KPIs tend to be more productive. Therefore, an employee benefits programme that boosts morale and motivation will result in a more efficient and focused workforce.

Employee benefits companies are adept at tailoring employee benefits packages to enhance productivity by encouraging collaboration and attainment of goals through a targeted strategy of recognition and reward.

4. Improved work-life balance.

Whilst paid sick leave topped the leaderboard for the most favoured benefit, flexible working hours, the ability to work compressed hours, and extra holiday allowance followed close behind. This is likely due to the flexibility provided by these benefits improving an employee's work-life balance.

When you partner with an employee benefits company, they will be able to identify which family-friendly benefits are likely to deliver the greatest benefits to your workforce, and support you in implementing strategies to reduce worker stress and increase their sense of job satisfaction.

5. Demonstrate your corporate values.

Employee benefits schemes that promote a healthy lifestyle, benefit the planet or support relevant charitable organisations also showcase your business' commitment to corporate social responsibility (CSR).

This is important not only to project and reinforce your corporate values but because it is an attractive quality to promote to socially-conscious clients and employees. It can improve your business' reputation, help it to secure work, set you apart from the competition when recruiting and improve job satisfaction amongst your workforce.

Employee benefits companies are experienced in all aspects of employee benefits and can help you to design and deliver a package that engenders employee satisfaction and enhances overall business performance.

Why Terryberry's solution is right for you

Terryberry is a leading provider of employee benefit solutions, tailored to the needs of your business and accessible via our secure and rigorously maintained SaaS employee benefits platform. We have helped hundreds of businesses across a wide range of industry sectors to create a positive work culture of appreciation, recognition, reward and well-being, and we can help you too.

We can support you in creating a bespoke offering that will satisfy the needs of your employees and improve your business outcomes. Our range of solutions is as diverse as your workforce, and our customer-centric approach puts your needs front and centre.

To find out more or for a no-commitment demonstration of our employee benefits platform, please contact us today.