The right staff benefits can motivate and retain staff, but what are the current trends?

 

 

Research continues to identify trends allowing employers to better understand what motivates their staff allowing higher retention and productivity.

 

Employers face a challenges on many fronts. Having the right benefits package can however help build a stronger workforce and have a direct impact on the bottom line. In fact 3 out of four employers rate productivity as one of the most important reasons to offer benefits to staff.

 

Research from insurer, MetLife reinforces the need for a good benefit package but also found that over a third of businesses (36%) found retaining employees a challenge. The majority (73%) are using their benefits’ package to attract new talent, which is a priority for many as half (46%) expect a shortage of suitable candidates over the next 12 months.

 

Listed in the top three reasons, after higher salary and job security, employees look for a new job for improved staff benefits (34%), with 38% of employees saying a customised benefit package would increase their loyalty.

 

The recognition of a supportive wellness and wellbeing programme within a benefit package continues with 9 out of 10 (87%) of employees, who took part on the MetLife research, confirming that a wellness programme has had a positive effect on their health. The use of wellness programmes stands at 35%, up by 24% from 2015.

 

Health and employee happiness are important to productivity & sustainable growth. If your people love coming to work, their output is raised. MetLife found that ‘Happiness’ makes people about 12% more productive.

 

Communicating benefits and engaging staff continue to gain importance with Firms with low

Employee engagement facing lower productivity (18%) and profitability (16%). Disengaged workers have 37% higher absenteeism and 49% more accidents. Despite the importance however, a third of employers however say that communicating their benefit package to staff remains a challenge.

 

Communicating benefits using a blended communications approach appears to be the best way to connect with employees effectively. The use of technology platforms continues to support communication but 62% of employees say face-to-face is still effective.

 

The conclusions reached by the MetLife research suggests that Staff Benefits work best when they put the needs of employees first. The four key points are:

  • It’s best to give employees as much certainty as possible
  • Give financial wellness prominence in your benefits strategy
  • Make effective communication a continuous commitment
  • Recognise that different benefits suit different employees so tailored benefits are likely to work best

 

When it comes to looking for support 40% of employers choose to work with an intermediary to assist with the administration, research and delivery of their employee benefits packages*

 

If you would like to discuss your current staff benefit package please contact us.

You can contact Lucy Pearce, advo’s Head of Employee Benefits by emailing lpearce@advogroup.co.uk

 

 

 

 

Data is taken from the MetLife UK Employee Benefit Trends Study 2017.

* Simplyhealth 2017 Health and Wellbeing Benefits Guide.

 
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