Continuing on from last week’s blog about flexible benefits;
As an employer, it is crucial for you to understand what benefits your staff really want. In recent years the focus has shifted from benefits such as gym memberships and holidays to long term benefits such as health insurance and pensions.
In previous years, the benefits preferred by staff were typically divided by age groups. Younger employees were attracted by benefits such as gym memberships and bonuses, things that were instantly attainable. Older aged categories favoured benefits such as childcare and pensions – generally speaking. Due to the changing economic climate in recent years, employees are generally now seeking more financial stability from their employers, regardless of their age.
Employees are company’s most valuable assets and providing benefits that they actually want – rather than what you think they’ll want is key. Treating your staff well is essential in creating an interest in your business and in a competitive market, attracting the right people to your company.
From an employer’s perspective, it can be difficult to adhere to the needs of every individual employee when implementing things such as benefits packages. The first step in understanding what your staff want is to communicate with them. How you approach this will depend on the size of your company and the number of employees. A good tool for measuring satisfaction is an employee opinion survey.
Employee opinion surveys are something that we provide to our clients which helps them to measure employee engagement levels and can focus directly on satisfaction levels with the current benefits package. This would be tailored to your individual company needs. Our Simple HR Consultants can help revise your current benefits package and implement any improvements that can be made. You can then tailor these packages to the affordability of your company, which we touched on in last week’s flexible benefits blog.
If you are interested in finding out more about benefits packages in your company or reviewing your current package, please contact Simple HR today.