Attracting and Retaining the Best Staff for Your Business Through Benefits
Unhappy staff result in less productivity, a drop in company morale, and a spike in turnover rates. Less productivity and constantly recruiting and training new staff can be incredibly costly, especially to a small to medium-sized business.
82% of employees who feel motivated receive some form of benefits or appreciation of their work. While other employees said they chose one job over another based on the benefits package and not just the role or the paycheque.
Not all benefits need to be healthcare or life insurance which can be a high cost for small to medium-sized businesses. Our team at Simplify ER, who offer employment law help and HR advisory support, put together a handy guide on attracting and retaining employees.
Why offer perks and benefits to employees?
Before you decide which benefits to provide your staff, you should seek employment law help.
They will advise you on the best benefits within your budget.
Before we go into which benefits, let’s discuss the reasons you should provide benefits to your employees, such as:
Attracting the best talent
Nowadays, most businesses should offer their employees benefits. To compete with other companies searching for the same talent, you need to provide employees with more than just a salary.
Keeping hold of that talent
Perks not only help to attract the best talent but also to retain them. High employee turnover can cost your business significant sums and can cause disgruntlement for staff members who remain.
Improving employee mental health
Mental health is becoming a widespread issue across the UK, especially in the workplace. Around a fourth of all workplace absences are due to mental health issues, costing UK employers a staggering £26 billion each year. HR advisors will enable you to implement appropriate benefits that will promote mental health within the workplace.
Attractive benefits for employees
As the UK’s office and working culture change rapidly, the benefits packages you can offer your employees are vastly different from the traditional health insurance and sick days that was the norm just ten years ago.
Seek out employment law help to advise you on what will work best for your business and budget. But here are some examples of benefits you may want to consider offering your staff:
- Complimentary snacks and lunches
- Gym memberships
- Cycle to work schemes
- Medical insurance
- Life insurance
- Retirement plans
- Parental leave
- Paid sick leave
- Half days
- Opportunities to work remotely
- Discounts on your products or freebies
- Time off for volunteering
- Paid mental health days
Implement employees’ benefits the right way
Once you’ve sought help from an employment law firm, it will be time to implement your new employee benefits. You must implement them in a way that’s going to empower your workforce:
Make sure all staff members are on board.
Although your businesses’ new perks sound great, your employees might have personal reasons behind why these particular perks aren’t suitable for them.
Go over all details with an HR advisory consultant.
Benefit laws are complicated. For example, some benefits could potentially have implications for your employees’ taxes. If introduced incorrectly, benefits could see your staff taking home smaller paycheques. Seek help from an employment lawyer or an HR advisor to ensure any perks are being properly implemented.
Seek feedback from your team
Once your benefits package has been fully implemented, seek feedback from your employees. If any issues are uncovered, immediately seek employment law help to make sure your staff feel heard, respected, and valued.
Offering benefits to employees may appear costly at first, but the long-term stability will be well worth it. Seeking employment law help through an HR advisory service is the best way to ensure you’re implementing the best benefits for business and doing it the right way. With the best employee benefits, you’ll be able to create a team that is happy to put theirs all into your business.
Call us today at 0203 011 0448 or email us at firstname.lastname@example.org to talk about how we can offer you employment law help so you can attract and retain employees with the benefits packages.