The world is normalising and companies are finding their feet once again, after a fairly static year.
It’s time for companies to relaunch and revitalise strategies that were put on hold after a long freeze in Britain's labour market. However, after a long year of very little employment going around, employees are now finding they can really negotiate their employee benefits with their current employers as well as with companies who are recruiting staff as UK employment prospects are on the rise.
Awesome news for employees but not for employers like you! If a company approaches your staff member with a better employee benefit program, can you blame them for leaving you?
According to Financial Times, hospitality employers are scrambling the most. With employees being poached or approached by competitors in the industry, it is evident that employers and their companies need to up their employee benefits in order to keep their current staff members happy.
Employee benefits aren’t the only thing that will make employees jump ship, it could be that your company is lagging behind in the tech department which is frustrating for employees who want to optimise their work experience with automation & the latest gear - click to read more about why employees leave due to outdated technology and company culture.
According to Tony Wilson, director of the Institute for Employment Studies, “it’s been a buyers’ market for a long time in the labour market. Employers haven’t had to work too hard to attract and retain people in lots of low paid areas but for the first time in a decade, it is more of a sellers’ market”.
In other words - employees can write their own rules! With companies in desperate need of suitable, recruitable staff members it’s more important that companies make their place of work more appealing than the next.
Furthermore, Pawel Adrjan, economist at the job site Indeed, says “hourly rates are even increasing as employers rework their employee benefits'.
Although the world seems to be in a more stable position, there is always a possibility that another lockdown may occur and employers are worried their current staff members leave the jobs for better opportunities. Because of this, some companies are offering guaranteed job security or furlough packages to keep any new or existing staff on the books.
Some companies have even introduced employee benefits such as on site accommodation to staff who cannot afford local rent, better shift patterns and even staff discounts. Financial Times stated “many more employers are now under pressure to improve job security, flexibility and career structures - which may matter as much or more to potential recruits as an increase in pay”.
Ensuring your employees get enough sleep seems like less of a benefit and more of a basic human right but many employers overlook the importance of a good night’s rest - click to read why sleep might be the answer to your success.
And let’s not forget about employees asking for more “flexibility” and “agile time” within the work environment.
Habiba Khatoon, director for the Midlands region at the recruiter Robert Walters says the above is one of the first questions asked. Adding to this she says “clients are open to it because they see it is the only way to stay competitive”.
A few more employee benefits that employers should consider are more flexible terms and hybrid working, part time hours, flexitime, and shifts that suit working parents. The more companies can offer these kinds of employee benefits the more likely their staff will hang around.