What Makes a Good Employee Benefits Package?

What Makes a Good Employee Benefits Package?

Organizations are required to make sure their workers’ engagement and benefits packages are as good as they can be. This is because the majority of the employees spend half of their lives at work. Every business owner or director will know that their business is as good as the people working there. If the business is going to be successful it will have to attract and retain the best people. Part of this is to ensure you enhance the skills of employees. Offering executive education opportunities for instance will add to the effectiveness of the business while it will ensure the people in the business feels valued. So what makes a good Employee Benefits Package and why should executive development be part of it?

 Strategies on workers’ engagement have assisted in increasing company profits, improving productivity and efficiency, and reducing employee turnover says the CIPD. Effective engagement ensures that employees are happy both at work and at home.

What is the meaning of employee engagement?

Employee engagement can be referred to as what workers feel towards their job roles, workplace, and colleagues and the effect these emotions have on the work productivity. It is an approach that can result in committed, motivated, and happy workers when implemented successfully. 

Employers should think of the benefits that their organization has to give to their employees. It’s clear that offering employees a comprehensive employee benefits package enhances both employee engagement strategy and also offer the employer a competitive edge.

Why do Executives move to Competitors?

Certainly a key question for every organisation is why executives move to competitors. The business invests heavily in training and development and if your business is in the service sector, then the knowledge and experience asset of the business often sits within the people who work there. So you want to retain key employees as far as you can.

Why People Quit

The leading reasons why employees left their jobs in 2018.

Source: workinstitute.com

Do Workers Expect Benefits?  

Research has shown that the majority of senior executives prefer a competitive employee benefits package over a pay increase. For example, Cisco appeared in the list of the top workplace of the year 2018. This was because employees felt happy for being offered fertility assistance, childcare, incentive plan, benefits. 

Even if the employer may not offer what other existing organizations provide, it is recommendable that employers should provide benefits that will add value to the relationship they have with their employees.

Ensuring the Basics are Right

It is wise to put the basics such as working environment right before thinking of providing employees with additional benefits. A conducive working environment enhances high productivity and great success. It is also appropriate for the employer to ensure that the employees have the correct training and tool to enable them to perform their job effectively. 

By getting these factors correct, you drive productivity and work engagement. Flexible working time is also a key basic that should not be overlooked. It boosts employees’ morale to work and also plays a big role in pulling in new talents among the employees.

Additional Employee Benefits 

With employees today often opting for additional benefits rather than pay increases, you need to have a benefits package in your organization. Some benefits that are desirable to employees include training courses, travel compensation, housing allowances, tuition reimbursement, maternity leave, sick leave, paid business vacation, and health insurance. 

Additional well-being and lifestyle benefits that should be encouraged by employers are for workers to adopt a life-work balance. Employers can increase the emplacement of employees by then the ability to have quality time away from work and treat their families and themselves tool. It is easy to acquire and keep targets when a business offers additional benefits. 

What your Employee Benefits Package Should Contain?

  • Flexibility

Most benefits packages are not truly flexible, with every benefit being optional. Most of these packages are founded on ‘company-paid’ benefits, with workers offering certain core benefits that have some variety or none. Having a variety and choice enhances employee engagement and usage with such services. In the end, it’s about the choice you offer employees about the level and type of accessible benefits.

  • Financial wellness

Research reveals that employees have gone through considerable decreases in their pay check’s purchasing power over the last decade. This suggests that wages and inflation are not keeping up with each other. Consequently, many employees find themselves in very delicate financial situations. 

Some with two-income sources even struggle to sufficiently fulfill their family’s needs. Thus, employees seek more than just financial security from their employers.

There are several lifestyle benefits including leisure, travel, and retail discounts that employers can offer to cater to and suit the needs and wants of their employees. Besides, employers can have happier workers by offering them discounts that minimize their monthly outgoings. Happier and satisfied employees work harder and better with improved performance. Therefore, save money for your employees, and in turn, you will boost their morale and make them loyal.

  • Consideration of Health 

Flexible and affordable health benefits like wel8being resources, fitness discounts, and fast access to physicians help your business to gain competitive advantage. These benefits help to attract new talent and enhance employees’ experience. 

Employers need to identify mental health and stress problems among their workers as those issues contribute significantly to sick days. Thus, an assessment of workers’ mental health will make employees feel supported and significantly reduce their working days lost.

Offer the best employee benefits and become the employer of choice. Retaining good employees helps to promote business growth while keeping them creative, motivated, and engaged.

Enquire Now With

Leave a Reply