Tuesday, 7 July 2015

Attract and Retain - Employee Benefits

Attract and Retain – Employee Benefits
Employee benefits come in all shapes and sizes, whether you’re a company with less than ten employees or a growing organisation of fifty plus there’s something out there for everyone. And the best part is, it doesn’t have to cost a fortune!
A new era of employee benefits has evolved...the total reward package. This brings together both financial and non-financial rewards, it’s important to consider which type of package will work for your company, firstly consider the employees you have. For example some employees will find salary, training and career development of greatest appeal whilst others may be looking for a better work life balance including help with childcare and the ability to work flexibly.
So you’ve considered your workforce composition  and what is likely to appeal best to them, now you want to establish what you can actually afford to give them, after all you are running a business. Examples include; flexible working, child care vouchers, holiday allowance (above the minimum requirements), paid employee birthday  holidays, increased autonomy,  meaningful work, clean/spacious and inspiring  work environment ,health care packages, company car, free food or drink in communal areas (water, fruit, cake Fridays!) discounted gym memberships, enhanced maternity/paternity leave/pay, company sick pay, recognition schemes; a mention in the newsletter or award of the month or team away days/socials.
Before implementation of any scheme careful consideration must be given to the following points;
1)      Have you consulted with your staff on what they would like to see? This is quick and easy to do with a staff survey.
2)      How much resource is needed to implement and maintain these benefits? Don’t get in over your head; if a particular benefit takes up too much time and you don’t have the time or energy to keep it going you’ll be promising something to your staff which you can’t deliver.
3)      Are there legal implications? Any benefit which you will pay tax or NI on will need to be recorded and reported to the HMRC for example company car or childcare.
On the whole a benefits package is twofold; to attract candidates into your business and also to retain them. As an employer it is important to think about what makes you different and how to stand out from your competitor. Pick a package which will reflect your company’s culture, identity and values. No matter the size of your company there’s something to suit everybody.

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