In this episode, hear from Harpinder Singh, Senior Employee Benefits Consultant at The Ink Group, as he breaks down everything you need to know about employee benefits and explains how to provide a benefits package that’s tailored to employee needs.
Improving your EVP with a strong benefits package
Employees want to feel like they’re being rewarded and recognised for their hard work in other ways than pay, so a strong employee benefits package is a key part of your Employee Value Proposition (EVP).
As Harpinder explains, employee expectations are constantly evolving, as are the dynamics of the work environment. This means that benefit pathways should also be updated to suit the needs of the employees and the business.
What's included in an employee benefits package?
Employee benefits packages can cover a range of areas, from mandatory benefits to supplementary benefits and employee perks:
- Statutory benefits such as paid annual leave, workplace pension and maternity leave
- Private medical insurance
- Life assurance
- Critical illness cover
- Dental insurance and eyecare
- Flexible or remote working
- Gym memberships
- Cycle-to-work schemes
- Retail discounts
- Subsidised meals
- Financial wellbeing
How to tailor your employee benefits package to your employees
When improving an employee benefits package and ensuring it’s well-rounded, it’s important for HR to assess the demographics of their organisation’s workforce. This is because employees across different age groups will likely have different priorities or needs.
It's also important to engage with your employees and ask for their opinions to make sure what you’re offering is relevant to them.
As Harpinder explains, the cost-of-living crisis has put more emphasis on employees getting money back in their pocket. This means that any benefit with an associated discount scheme or rewards will likely be popular.
Attract and retain talent with a competitive benefits package
No matter what industry you’re in, attracting and retaining talent is extremely competitive. No one wants to miss out on the best talent because their benefits package isn’t up to scratch, so it’s important to assess whether the package you offer is something that will interest potential candidates or give you a competitive edge over other organisations.
Build your reputation as an employer of choice and ensure your company stands out in job listings by offering benefits that go beyond the statutory minimum. There are a range of optional benefits and perks you could offer, from private healthcare to flexible working.
3 top tips for creating a successful employee benefits package:
- Tie it to your mission, purpose or values
Tailor it to the needs of your employees
Consult a specialist external partner for their expertise
