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13 December 2018

Boost Employee Wellbeing by Analysing Benefits Spending

Offering a competitive salary is increasingly seen as not enough to attract and hold onto the top candidates, with many looking at benefits and wellbeing incentives when considering their options.

To ensure your company is attracting the right candidates, it’s worth taking time to analyse wellbeing and benefits spending to ensure you’re putting your money where your mouth is to keep employees as happy and productive as possible.

Below, we’ll look at some of the top benefits employees want, so you can offer the perks that matter.

Pension scheme

By law, employees aged over 22 making more than £8,105 must be enrolled into a pension scheme, however, candidates will look at a company offering contributions in excess of that required by law in an incredibly positive light.

According to a recent study undertaken by the CIPD and Lane Clark & Pocock (LCP) of 568 HR teams, 25% of employers would consider increasing investment into financial benefits for their employees, including incentives such as pension schemes, loans for those in financial hardships and free debt advice in particular.

Paid leave

In the same study, 29% of companies would increase their investment in health and wellbeing (including sick leave, employee assistance programs and flu jabs etc.) over the next two years.

Happy and healthy employees are more productive and take fewer sick days, so investing in this area can be a goldmine. Specifically looking at absences due to mental health, the UK economy loses over £8bn per year, and reduced productivity due to mental health can cost a further £15bn.

Considering health and wellbeing spending in a proactive, rather than reactive, manner can save billions, and those who have tried this strategy have claimed savings of £8 for every £1 invested into wellbeing.

Training and career development

Working on the front line forever isn’t the goal for most applicants, with many employees looking for a company to invest in their professional development. According to the CIPD and LCP, 43% of companies would consider increasing their spending in training, paid study leave and professional subscriptions for their employees.

Other incentives

Other incentives employees have ranked highly include free teas and coffees at work, childcare vouchers and social events such as Christmas parties.

Analysing Spending

In the CIPD and LCP’s study, 74% of respondents stated they do not regularly review benefit spending and 21% said their benefits were not easily accessible. With 66% of respondents confirming that benefits help them get the best staff, it’s bewildering there’s so little follow through; most companies couldn’t even say whether their investments into a benefits package was being utilised!

If you’re not taking the time to review your benefits spending and whether people are actually utilising perks, is it even worth offering them in the first place? Continued analysis of all company spending should always be undertaken to ensure your money is being invested in the best possible areas, particularly when your staff’s happiness and productivity may count on it.

 

 

Original URL: https://recruitingtimes.org/news/24949/boost-employee-wellbeing-by-analysing-benefits-spending/