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Are Your Benefits Packages Still Relevant?

Are Your Benefits Packages Still Relevant?
From Recruiter - November 29, 2016

If your companys benefits packages arent competitive, youll have a hard time competing for top talent in the candidate pool. Worse, youll start hemorrhaging employees as they are lured away by more attractive offers from your competitors. You may evenbe forced to replace these top-tier workers with talent from the bottom of the barrel. To avoid this nightmare situation, you need to prove to your employees that you care about their well-being.

Unfortunately, more than 60 percent of employees are dissatisfied with their benefits plans, according to Global Employee Benefits Watch 16/17, a new study from benefits software firm Thomsons Online Benefits. With that many unhappy workers out there, companies that fail toengage their employees and find out what benefits they really need are bound tosuffer from high turnover and low productivity.

What Employees Need

Employees need to know that the things that are important to themfamily, health, the futureare also important to the companies they work for.

There are a number of basic benefits that provide a sense of security and protection to employees, says Chris Bruce, cofounder and managing director of Thomsons. One major area where this comes into play is benefits that help employees prepare for changes in life circumstances that can lead to financial uncertainty. Protection for ones family, such as life insurance and disability benefits so that employees can make sure they are financially secure if they are unable to work, isstill top of mind for todays workforce.

Bruce also says that, depending on the country, medical insurance is a key benefit that employees want today. Retirement benefits are also highly sought after.

Employees want security in knowing they will have income when they choose to stop working, Bruce adds.

What Employees Want

While the basics like health insurance, life insurance, and retirement packages are still pretty much a given, many companies have also started to usebenefits as a tool to attract and retain top talentand you should, too.

Often, employees see greater value from fringe benefits, Bruce says. These benefits are often linked to lifestyle choices. For example, at Thomsons Online Benefits, we have two personal trainers who come to the office every Wednesday evening and take a group of our employees to a local park to train. For those that take part, this is their favorite benefit and something they would really miss if they left the company.

In addition to fringe benefits around the office, employees want the freedom to break out of the nine-to-five mold.

We also found that flexibility is a critical benefit sought after by todays workforce, Bruce says.



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