So you want to create a benefits package that stands out from the crowd…
Firstly, you’re going to need to take a deep breath and consider how many people actually use those app subscriptions your company pays for. In 2023, a stand-out benefits package is one that offers a real contribution to employee physical, mental and financial wellbeing. And that’s less about the ‘nice-to-have’ extras, and more about things that give people real security.
A consistent feature in benefits rankings is the ability to have some flexibility over the wheres and whens of work. How you will offer it will depend on your business, and the people who work for it, but what’s clear is that flexibility needs to be there.
People want their work and home lives to achieve some sort of harmony. Businesses want people to operate at their best and most productive. One of the ways you can achieve both of these things (and attract the very best talent), is by making sure that your leave offering is competitive. Think of it as another way you pay your employees, 28 days per year is like offering minimum wage - don’t be surprised if people resent it.
Life is getting longer, pension ages are rising, and people are acutely aware that they need to be thinking about them from a young age. Last year, research by CIPHR found that pension contribution matching was people’s 3rd most important benefit, and with the median working age on the increase, it’s sure to rise even further up the agenda.
I don’t want to labour a point we’re already all acutely aware of, but as of December 2022, the median wait time for treatment on the NHS is 14.4 weeks. The argument in favour of generous healthcare benefits has always been speed of treatment - it’s now a stronger argument than ever.
Yes, some of the extras are worthwhile! Depending on your people, you may want to consider free lunches and breakfasts, free taxis for employees who have to work late (one that’s especially appreciated by women), personal development stipends or team activity stipends. The frills can be nice, if the basics are well covered.
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