In order to attract and retain top talent, employers must show potential employees they are a company ‘worth’ working for. In such a competitive market, future candidates expect to be treated in a particular way, where their lifestyle and personal values are recognised.
Our recent research, conducted in association with Herefordshire & Worcestershire Chamber of Commerce, analysed salary and benefit data from over 350 local businesses across the two Counties. It provided insight into the issues faced by business in recruiting and retaining the right staff, barriers to growth and a comprehensive breakdown of salaries and benefits across the region.
What is the purpose of offering employee benefits?
Employee benefits are mutually beneficial for both employees and employers.
Employees are able to:
Maintain a healthy work-life balance
Improve their wellbeing in the workplace
Plan their financial security
Employers are able to:
Attract and retain top talent
Encourage productivity in the workplace
Help create a resilient workforce
Improve morale and promote a positive company culture
Take a look at the top 3 business trends and desirable benefits that will have the talent you require queuing up and eager to join your team.
Now we are in 2020, companies should most definitely be viewing employees as more than just a “worker”, but also as individuals with responsibilities, each with unique circumstances. It’s essential that different lifestyles are taken into account, with flexible working options incorporated to appeal to the very best talent, providing a work-life balance to simultaneously appeal to their professional and personal lives.
“38% of Herefordshire & Worcestershire companies offer flexible working”
“The number of companies offering home working has increased 9% from last year (24% to 33%)”
“63% of companies are keen to increase flexible working to attract and retain employees”
As mentioned, work-life balance is a high priority for employees in 2020, with annual leave being a crucial element. Overall, 61% of British employees said additional leave would encourage them to take a new job, evidencing the importance.
On average across Herefordshire & Worcestershire, permanent new starters receive 23 days of annual leave, yet 43% of companies offer 25 days or more. 32% of companies offer additional holiday with long service and 8% of companies offer the opportunity to buy and sell additional holiday, catering to those who desire those extra days.
Data from the Herefordshire & Worcestershire 2019/20 Salary & Benefits Report states 46% of companies throughout the two Counties offer at least one health benefit, with “access to wellbeing or occupational support services” being the most common. It’s hugely important for employers to be aware of a worker’s mental health, as 1 in 6 workers are diagnosed with either depression or anxiety. Offering ‘Mindfulness Schemes’ and general information and support will reduce negative stigma regarding mental health, in turn reducing the likelihood of burnout.
Other popular health benefits include “enhanced sick pay”, “healthy lifestyle benefits (e.g. gym membership)” and “enhanced pension contributions”.