Benefits are essential to help your employees feel appreciated and valued. When looking at job adverts, you will see lots of incentives listed to make the company more desirable and set itself apart from the competition. Some employee benefits are mandatory and will be offered in every workplace such as pension contributions and paid holidays. In this blog, we will discuss the additional employee benefits employers could offer to boost morale and staff retention.
Employee benefits platforms
More benefits and perk options are being offered in the workplace as a way for employers to show their appreciation to staff. Because there are so many options now, employers are signing up to platform providers who offer a whole host of benefits all in one place. By signing up for an employee benefits platform, employers can give employees access to a platform with multiple benefits rather than just offering one or two benefits and make the company more desirable to work for with potential new employees and retain current staff. Employee benefits platforms can offer a wide range of benefits such as discount schemes, private doctors, and food shopping vouchers.
Hybrid/Remote working
Since the pandemic, hybrid and remote working has become a common employee benefit to offer. The pandemic forced businesses to find a way to make remote working possible so their businesses could continue to function as normal. Because of this, most businesses now have the structure in place to carry on offering a hybrid or remote scheme. Studies have shown, employees with workplace flexibility feel two times better about their work-life balance and 2.4 times better about their work-related stress.
Flexitime
With the idea of hybrid working becoming more common, there is a bigger focus on improving the work-life balance and improving employees’ wellbeing. As a part of this theme, more employers are starting to offer flexitime as an added benefit. Flexitime, also known as flexible working hours or flexible schedules, is a benefit that allows employees to take control of their work schedule. Most flexitime schemes work by letting the employee decide when they start and finish work. This is dependent on the employee still working their allotted working hours each day as usual.
Wellness benefits
Companies have started to incorporate wellness benefits as an additional incentive. Research indicates that prioritising employee wellbeing boosts productivity and job satisfaction. Because of this, companies are beginning to offer access to mental health platforms such as Headspace. Employers can pay for a membership to give their employees access to wellness apps which can give them advice ranging from mental health to financial health.
Another wellness benefit that is increasing in popularity is wellbeing days. Wellbeing days give employees an extra day off aside from their allocated paid holiday days which gives them the opportunity to take time off and recharge. The initiative aims to combat burnout, reduce stress, and promote a healthy work-life balance.
Earned Wage Access
Earned Wage Access is a great incentive for staff as it is a financial service offered to employees which allows them to access a percentage of their accrued wages before the end of the current payroll cycle. Earned Wage Access (EWA) is a way for employees to access their wages as soon as they earn them, and for employers to improve their workers’ wellbeing and attract or retain the best talent.
Over 90% of employers said Earned Wage Access helps them attract and retain talent, and 96% of employers who offer Earned Wage Access said their employees like it. Earned Wage Access from Income Group is free for employees, as employers absorb it as a cost of employment, making EWA a great way to entice and retain staff.
