The service sector is one of the largest sectors in the UK, and as such, it is integral that service companies should be the first to offer competitive employee benefits.
Statistics reveal that the service industry has seen a steady increase over the last ten years, with 2020 figures showing that the service industry holds a whopping 81,34% of the market - hugely surpassing agriculture and manufacturing, who hold only 1,01% and 17,66% respectively.
The service sector has been the main source of job growth in recent decades (Anxo and Storrie 2001). Further research shows that 30.2% of UK workers were employed in the public administration, education and health sectors in 2018 – the highest percentage out of all sectors, with a huge percentage of workers from the combined Pakistani and Bangladeshi ethnic group working in the distribution, hotel and restaurant sector, whilst their Indian, Asian and Black counterparts followed closely behind.
These numbers show a positive diversity in ethnicity in the service industry. A diverse workplace is key to your bottom line, as diversity increases innovation and productivity, whilst enhancing creativity, ultimately leading to better decision making and problem solving.
The figures above also show the demand for employment opportunities that the service sector has the strength to offer, so having a range of attractive employee benefits is crucial to service companies in order to attract and retain not only top talent, but a diverse workforce.
Employee benefits need not only include the usual medical, dental, insurance and leave. To attract and retain the best employees a service company should go beyond this. Think gym memberships (a great form of preventative medicine), travel, or remote working - according to OwlLabs, U.S. companies that support remote work experience 25% lower employee turnover.
Want to know more about why gym memberships as an employee benefit? Click to find out why they are worth the investment.
As a member of the service industry, employees would also benefit by volunteer work, as being able to give back to others is hugely enriching. Consider aligning your service company with a relevant charity where your employees can use the opportunity to not only do good, but also build relationships at the same time.
Working in the service industry and dealing with customers requires patience, hard work and many times a thick skin. For this reason adding recognition and rewards to your employee benefits is an important retention tool.
According to a workhumanreport, recognition resulted in 50% less turnover among new hires, with those being recognised for their efforts at a 13% turnover rate when compared to 30% in their unrecognised counterparts. Being recognised, particularly by your peers, is as important as being recognised by management, so give your team space to do this.
Did you know that employee recognition is key to employee retention? Click to find out more.
The service industry is ever growing, bringing in talent from all corners. As a service company you want to make sure that your employee benefits are attractive in order to retain staff once they are trained and showing excellence, before they are tempted to move on.
Reward your employees with discounts and treats through Staff Treats. today to find out more.