Stay a step ahead of the competition
Why is Employee Retention so important?
Holding onto staff is more than just paying them a competitive salary. Now more than ever companies are having to provide a wide array of benefits to employees to ensure their continued investment in the business they work for.
The ability to ‘flex’ working hours is not a key benefit employees look for when applying for roles.
Post covid the ability to work remotely or from home has soared – we have seen many candidates looking to move roles purely because competitors offer greater hybrid working options.
Traditionally employees would look for benefits such as: Private Healthcare, Life Assurance and Private Pensions.
Now companies have expanded on these to provide some of the following:
- Employee assistance programs
- Mental health support services
- Income Protection
- Personal Learning / Training Budget
Lifestyle benefits can play a key role in decision making, some of the following are what we could consider lifestyle or low cost benefits to a business.
- Perkbox or similar (providing discounts on day to day purchase sand activities)
- Buy and Sell Holiday Days
- Social good (giving staff paid time off to volunteer or help with local causes)
- Birthday off (seems simple but a highly regarded benefit)
- Family planning (alongside enhanced maternity and paternity leave)
- Pet friendly offices
This may seem trivial but more and more potential employees research potential employers. Looking into employee reviews and public reviews. Positive reviews go along way to helping give an insight into a businesses culture.
We work with our clients to help analyse their current benefits package and offer suggestions and improvement opportunities to make sure they are the most attractive option on the market for potential employees.
Environmental Factors
A growing trend we are seeing is employees taking an interest in how environmentally aware employers are.
Certified B Corporations are leading the way in ensuring they meet high standards of social and environmental performance, transparency and accountability. More info on B Corporation here.
Whilst B Corps lead the way in being environmentally aware. Employees are looking for any indications that companies are environmentally aware such as being carbon natural or working with ‘green’ suppliers.
Don't worry we are here to help!
We consultant with businesses to help understand their current offering and suggest areas they could look to increase their benefits offering.
See how we can help you!
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