The Importance of Increasing Employee Benefits to Attract Top Talent and Engage Potential Clients

An article by Sophie Derbyshire & George Bentham

In today’s competitive business landscape, attracting and retaining top talent is essential for the success of any company.  As the workforce evolves and becomes more diverse, companies need to explore innovative ways to entice skilled professionals and maintain a competitive edge.  One such strategy that has gained significant momentum is enhancing employee benefits. At COHIBL, we work with our clients to help them build a robust employee value proposition to engage existing and potential employees.

First things first, what are employee benefits?

Employee benefits are the additional perks or values you offer to people who work for you, in addition to their current salaries. These benefits are designed to improve the overall quality of work-life balance and cater to the personal and financial needs of your employees. There is a wide array of employee benefits available, and they can be tailored to suit the unique requirements of each organisation.

Some examples of employee benefits include:

• Health Insurance provides access to comprehensive health insurance plans which ensure that employees have immediate access to medical care.  When the NHS wait times are long, this enhances their wellbeing and reduces absenteeism by ensuring quick access to faster medical treatments.
• Auto enrolment (AE) pensions and financial education enable employees to plan for their future and enjoy financial security after their working years.
• Annual leave offers employees a way to maintain a quality work-life balance leading to increased job satisfaction and decreased burnout.
• Initiatives like gym memberships, yoga classes, or stress management workshops help develop employee resilience, which fosters a healthy and motivated workforce.
• Allowing flexible work hours or remote work options can improve employee morale and boost productivity.
• Offering salary sacrifice options for auto enrolment pension schemes allows employees to make the choice of contribution process to their pension funds, empowering them to take control of their retirement and potentially save National Insurance on their contribution.
• Another option available for salary sacrifice is to implement a scheme for electric cars which can help promote the culture of sustainability and environmentally friendly practices amongst employees, as well as a potential tax saving.

Do I Need Employee Benefits?

As we mentioned at the beginning of the article, today’s competitive labour market and challenges with the rising cost of living means companies will not be able to keep increasing salaries.  This is why it’s important to have some form of employee benefits and wellbeing strategy to keep your employees happy and healthy, and on your payroll.

So, do you need employee benefits?  In short, yes.  Offering comprehensive employee benefits showcases your commitment to the wellbeing of your workforce and enhances their job satisfaction, leading to increased productivity and decreased absenteeism.

Some examples of why employee benefits are important are below:

• High calibre talent is more likely to be attracted to companies which offer comprehensive and appealing employee benefits, due to the fact candidates are looking beyond just salary when considering potential employers.
• Employee benefits help contribute to a positive work environment, increased employee retention rates and reduced turnover costs, as a satisfied employee is more likely to remain loyal to the company.
• Employee benefits provides a key function to your employee value proposition. At COHIBL, we act as an agent to support you in this function by helping build a compelling employee value proposition (EVP) that differentiates you from your competition.  We also help you by supporting the communication of this to the workforce to ensure it is appreciated and valued.
• Employee benefits help to demonstrate how you treat your employees and their wellbeing, which helps to impact how clients and prospects perceive your business in a positive light.  This can result in an increase in trust.  A strong focus on employee benefits can positively influence client relationships.

The importance of increasing employee benefits cannot be overstated.  By understanding the significance of employee benefits and how they contribute to attracting top talent and engaging potential clients, COHIBL can help you to position yourselves as an employer of choice in the market.

Building a competitive workforce through comprehensive benefits and focusing on employee retention strategies will undoubtedly lead to long-term success and growth for the company.