The last few years have caused many to reflect on how we spend our time, leading to employers having to re-evaluate their employee benefits package. David McCormack, CEO , HIVE360, explains it’s important to first understand what benefits and support employees value the most.
The pandemic exposed workers to a more flexible approach to work, and a more significant focus on their mental wellbeing. Dubbed the ‘Great Resignation’, many decided to look for a new career path or find a role with greater flexibility so they could live life on their terms and achieve a better work:life balance.
This has led to many businesses having to work harder to attract and retain talent, with the employee experience being more important than ever.
So, what do employees value the most from an employer in this new world of work?
Financial security
Financial security is firmly at the top of the priority list. Paying staff a fair wage that reflects their work and allows them to live without worrying about finances, is something every employee should be entitled to.
With the cost of living crisis threatening the wellbeing of many, investing in people is an investment in the business. The importance of employee financial wellbeing, and providing extra financial benefits that employees value most make staff feel supported.
HIVE360’s employee wellbeing and benefits app Engage features an extensive, robust suite of solutions, from debt and money management guidance to payroll information, payslips, pension performance and vital pay documentation, available in one place, 24/7. Providing this in an accessible form is helping to educate and support workers to make better financial decisions around budgeting, savings, and long term pension planning, as well as giving support around debt when needed.
Work:life balance
Employee wellbeing is one of the top challenges for employers. It is closely linked to staff recruitment, retention, and their levels of productivity and engagement.
Flexible hours are an employee benefit worth more in value to many employees than extra cash in their payslips.
In a 2022 study, 59% of 5,000 employees said control over work location and their hours was more important than a higher wage — highlighting how highly employees value flexibility.
Supporting a healthy work:life balance by offering flexible working can actually save money and increase the bottom line. While staff still need the all-important financial security, if their work-related outgoings are reduced, their wage won’t need to be as high.
For example, allowing a working mum to work flexible hours means she won’t have to pay out as much on childcare. By no longer feeling like she is only working to pay nursery fees, her morale and productivity will increase, and she won’t need to worry as much about her work-related expenses.
Other benefits employees value most
MetLife UK recently reported that 50% of workers would accept a lower salary for perks that suit them, meaning a comprehensive Employee Benefits Package is something every business should prioritise.
Engaging with staff and making them feel valued is one of the fundamentals of a good business. If employee benefits boost job satisfaction, productivity naturally follows.
Other benefits highly valued by employees include:
- Wellbeing support: Regular mental health check-ups and wellbeing sessions can boost staff health and reduce stress. According to recent figures, around 40% of employees wish to leave their role because of inadequate mental health support, so this is one benefit employers can’t afford to ignore.
- Discount schemes: Collaborating with other businesses and retailers that can offer staff exclusive discounts as part of their employee benefits is a great option, because actively helping employees to save money makes them feel genuinely valued.
- Comfortable working conditions: No one likes working in a stuffy, dirty environment, so there is real value in making the workplace a comfortable, inviting place for employees to be.
- Positive office culture: Encourage a positive work culture that focuses on diversity and inclusivity — if your staff are happy, the business will benefit.
- Skills boosts: Offering staff opportunities to progress and boost their skillsets with training programmes as part of their employee benefits scheme, means staff don’t feel stagnant. By laying out a clear career progression path with training and development included, your team will feel valued and supported.
HIVE360 provides expert, compliant and reliable PAYE payroll support and comprehensive employment administration. A GLAA (Gangmasters and Labour Abuse Authority) license holder, ensures full HMRC, RTI, GLAA and IR35 compliance. It provides its customisable, comprehensive, employee benefits and wellbeing package via its unique Engage Employee Benefits app as standard and at no extra charge to businesses that outsource payroll and employment administration to the company. Available in 120 languages, Engage includes My Training, My Health, My Money, My Discounts, and My Work features and has an average of 100,000-plus user sessions each month, with levels of user engagement topping 85%.
For more information: https://www.hive360.com/payroll-pension-perks/