5 reasons to implement an employee benefits scheme

Talya Zwiers   8 April, 2019
employee benefits Employee Engagement

Keeping your employees happy can have a plethora of positive consequences for your company: employee engagement, increased productivity, less absenteeism and reduced staff turnover to name a few. When employees feel looked after, cared for and that their wellbeing is taken into account, they generally work and respond in a more betrothed manner.

An employee benefits scheme can be a winner solution to achieve this. According to CIPD, employee benefits offer a way to attract and retain employees, contribute towards improving wellbeing and enhancing staff engagement. Reed defines these benefits as extra incentives provided by employers in addition to a worker’s normal salary and wages. So, don’t be left behind…. There are so many reasons why to consider implementing such a scheme:

1. Be competitive
In today’s ever changing times, it’s rare to find employees who will stay in a job to receive their gold watch, so to speak. Employees, especially millennials and Generation Z, move jobs every +-2 years, according to a survey on CareerBuilder. So it’s time for companies to increase their appeal and add some edge. Giving your team access to thousands of exclusive employee benefits and perks is one way to stand out as an employer. A strong employee benefits package can help attract the top caliber candidates in the market and may be a deal breaker for those looking for a new role. Plus, such a scheme can even boost your reputation in the market as a company who truly cares and looks after their staff.

2. Increase productivity and boost morale
There’s nothing more rewarding for management to see than a happy, engaged and motivated team roaring to go. Positivity in the workplace is contagious and can have a domino effect, however, the opposite is true too. When an employee feels motivated and looked after, they are more likely to go the extra mile. Having an employee benefits scheme in place can be the catalyst for this. For example, by offering lifestyle benefits such as discounted gym memberships, savings on meditation apps like HeadSpace and so forth, this will yield healthier employees. By helping employees make savings where they would have spent anyway, can help with engagement by showing you truly care about their holistic wellbeing. A prime example is up to 57% off cinema tickets, up to 10% off grocery e-vouchers and access to over 3,000 high street retailers and brands.

3.Talent, talent, talent
As the well-known adage goes – it costs more to hire a new employee than it does to keep an old one. So, it’s time to focus on retaining talent and reducing staff turnover. Not only this, the amount of disruptiveness and upheaval people and coming creates, HR and management are constantly on the look out to ensure teams are engaged, happy and motivated. As an employee benefits package is becoming the norm, prospective employees are looking further than just a salary when looking for a new role, they review the entire benefits package in its entirety. So companies need to look for a scheme which is competitive, which has the best exclusive savings as well as extra add-ons such as Employee Assistance Programmes (EAP) and lifestyle benefits.

4. Healthy individuals = healthy teams
Ensuring your teams are healthy physically, emotionally and financially can make your company stand out. An employee benefits scheme can incorporate everything from voluntary benefits such as salary sacrifice options like dental health, private medical, to offering an EAP which gives employees access to 1-1 confidential counselling. A fundamental offering can / should include discounted gym memberships, healthy eating options, gym and yoga classes etc. A healthy employee will bring a healthy attitude to the workplace. This ties in with the whole concept of a work-life balance, showing the company cares further than just work, work, work!

5.Boost performance
Want your employees to be loyal? Then show them you care about them holistically. Employees will work harder and want to come to work when there is a reason to do so. They will go above and beyond their call of duty and want to come into work. A all-inclusive employee benefits package can definitely boost performance of your teams, remember it’s the small things that can make all the difference. The long term advantages far outweigh the initial upfront costs.

Inspired? Sounds like something your company can benefit from? What kind of employee benefits package to do you think will be suit your team?

Staff Treats is a leading Employee Benefits provider offering over 3,000 exclusive employee benefits and perks which are brilliant for engagement. Why not get in touch today and speak to our Engagement Consultants to see how we can best help your business?

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