Alternative Employee Benefits for Business
There are several components that factor into a candidate’s decision to accept a job offer.
While salary may seem like the most important, organisations can also create a competitive benefits programme as a way to recruit top talent.
Benefits don’t have to be expensive, and they can be the clincher needed for candidates deciding between opportunities. The following are potential employee benefits organisations can offer candidates.
Due to the COVID-19 pandemic, countless employees found themselves working remotely for the first time. And according to research from Future Strategy Club (FSC), 52 per cent of UK employees feel closer to their families and enjoy a better work-life balance after working from home during the pandemic.
Allowing employees the opportunity to maintain a good work-life balance should be a top priority for organisations, and research from Mercer indicates that flexibility is, in fact, a top priority for HR moving forward.
Flexibility is mostly free to implement and can include working from home, compressed working hours or job-sharing.
Companies can encourage employees to further their competencies by offering opportunities to upskill. Upskilling refers to workers expanding their knowledge and improving upon their current skill set.
These efforts can include digital skills, analytical skills and organisational transformation skills, among others. Research has shown that 80 per cent of employees say upskilling training has boosted their confidence.
Workfront’s 7th Annual State of Work report revealed that 49 per cent of the UK workforce would leave their job due to frustrations with technology.
The report found that outdated technology results in workers feeling less productive (45 per cent), more stressed (33 per cent) and unable to take on new tasks (36 per cent).
Employers can not only avoid these frustrations by providing their employees with updated technology, but also entice candidates with the benefits that come with investing in proper tools. As millennials and Gen Z continue to enter the workforce, it’s imperative for organisations to utilise updated technology as a way to remain competitive.
Employee Assistance Programme
Employee well-being should be at the top of every organisation’s priority list, especially considering that 8 in 10 people in the UK have experienced symptoms of poor mental health in lockdown.
Employers can support workers by implementing an Employee Assistance Programme (EAP). EAPs can offer counselling to help treat mental health difficulties and break down the stigma surrounding mental health.
Incorporating an EAP can benefit an organisation as much as it can benefit individual employees, since a well-supported team is less likely to take sick days and more likely to engage with their work.