Press enter to see results or esc to cancel.

5 creative employee benefits to attract talent

Standard benefits don’t just cut it anymore. Beyond fair remuneration and health insurance, employees are increasingly on the lookout for companies that go above and beyond to meet the varied needs of their workforce. If you don’t want to lose out on talented staff, you should probably start thinking about offering non-traditional employee benefits. After all, human resources are the most valuable resources.

And yes, this is true despite the fact that we’re in the middle of a global economic recession, brought on by the unprecedented COVID-19 pandemic. Whether or not your company has employees’ back during this challenging time will set the tone for what’s to come once we’re out of this crisis. Don’t know how to attract employees with benefits? Don’t worry – this Pacific Prime UK article gives you some creative employee benefits ideas to work with.

Corporate insurance banner

Benefits of improved ability to attract and retain employees

Before we delve into the topic of ‘employee benefits ideas UK’, let’s recap why companies should bother with employee benefits in the first place. A good, comprehensive employee benefits package helps companies differentiate themselves from competitors and gain a reputation for being the ‘employer of choice’. Needless to say, this will enable them to attract talented staff who can drive the company forward with innovation during these turbulent times.

Keeping employees happy through employee benefits will also enhance their productivity levels, as well as lower ‘absenteeism’ and ‘presenteeism’ – the costs of which are significant. What’s more, happy employees are less likely to leave, thereby lowering overall turnover costs for the company. As you can imagine, turnover costs can quickly spiral if you have employees resigning in large droves. Generally speaking, this includes:

  • Productivity loss while you’re looking for a replacement
  • Advertising and recruiting costs (and possible agency fees)
  • The time it takes for staff to become fully effective in their new role
  • Equipment expenses (including uniform, badges/passes, desk equipment, etc.)

Read more: Want a closer look at absenteeism and presenteeism in the UK? Our Global Employee Benefits Trends Report 2020 touches upon this phenomenon.

5 creative employee benefits to attract talent

As we’ve established, employee benefits are offered by employers to attract good employees. Generally, employee benefits will address employees’ work-life balance, familial commitments, financial situation, health and wellbeing, and overall experience at work. That being said, when it comes to the types of employee benefits you can offer, the sky really is your limit. Here, we’ll suggest some unique benefits for employees under the aforementioned categories.

1. Pandemic has made flexible working arrangements a reality. Embrace this ‘new normal’ as there’s no going back

Flexible working arrangements give employees more control over when and how they work. In particular, female employees stand to benefit due to their larger share of caregiving duties when compared to male employees. If the pandemic has changed anything, it has shown that flexibility in the workplace is not only desirable, but can also be possible.

Here’s some creative employee benefits to offer:

  • 4-day work week
  • Remote working programs 
  • Hybrid working programs (or some days remote working and some days in the office)
  • Staggered start and end times (so employees can choose the 8-hour shift they want to work)
  • No official work hours (so employees can choose to start and end work as they deem appropriate)
  • Unused vacation days can roll over to the next year
  • And more!

2. Be generous with your family-friendly policies. Younger employees looking to start a family will be less likely to quit

Companies that offer family-friendly policies will be attractive to employees who are juggling a busy schedule, or even younger employees who are looking to start a family in the near future. To truly be representative of an increasingly diverse workforce, your family-friendly policies should also cater to non-traditional families.

Here’s some creative employee benefits to offer:

  • Adoption assistance
  • Maternity and paternity leave for adoptive parents
  • Breastfeeding rooms and on-site day cares
  • Childcare reimbursement
  • Extending employer-sponsored health insurance to dependants
  • Child-friendly end-of-year office parties
  • And more!

3. Money matters. From cash bonuses to investment strategies, offer financial wellbeing benefits

Given the uncertain state of the world at the moment, employees are likely to feel heightened stress about their finances, which can spillover into other areas of their lives such as physical and mental health. As such, financial wellbeing benefits are designed to address the root cause of the problem.

Learn how to ease your employees’ financial worries:

Here’s some creative employee benefits to offer:

  • Financial literacy programs and budgeting workshops
  • Student loan repayment plans
  • Discount on travel, ride-sharing schemes, and/or free parking space at the office
  • Restaurant vouchers
  • Home buying assistance
  • Retirement planning
  • And more!

4. Health is holistic: Prioritize mental and emotional wellbeing, as well as physical fitness

Taking a holistic approach to health means addressing the full spectrum of health, whether that’s physical, mental, or emotional. Healthier employees tend to be much less stressed, physically fitter, and happier – all of which reduce the absenteeism and presenteeism rate. In other words, they’ll take lesser sick days and be more productive at work.

Here’s some creative employee benefits to offer:

  • Standing desks, agronomic chairs, and screen protectors
  • On-site gym and health facility
  • Lunchtime fitness classes/meditation sessions
  • Healthy snacks
  • Mental health workshops and Employee Assistance Programs (EAPs)
  • Sleep pods and office massages
  • And more!

5. Who says work always has to be formal and serious? Introduce a casual and fun workplace culture at the office

Everyone loves a laugh, including employees. A workplace culture that’s casual and fun (of course, this also depends on your industry and whether or not your office is open to clients) can significantly enhance the employee experience. Typically, employers unleash their creative sides during holidays like Christmas, but there’s no reason this can’t be a year-round thing.

Here’s some creative employee benefits to offer:

  • Good workplace design
  • Monthly team lunches
  • Employee prize catalogue for top-performing employees
  • Casual Fridays (i.e. no strict dress code applied)
  • Dress up days (i.e. during Halloween)
  • Unconscious bias and diversity training (to achieve an inclusive and non-discriminatory work environment)
  • Company book club, movie nights, etc.
  • And more!

Inspired to offer employee benefits? Get in touch with Pacific Prime UK today!

Pacific Prime UK can help companies design and implement tailored solutions in the realms of corporate health insurance and employee benefits to suit their exact needs. With over two decades of experiences working with companies of all sizes and industries, we’ve built up considerable risk management and consulting expertise, and aim to simplify the entire plan administration process for companies.

Give our corporate resources page a browse. From in-depth reports and guides to infographics and so much more, you’ll find valuable insights and practical tips. If you’re new to the world of insurance and employee benefits, we particularly recommend you to check out our Global Employee Benefits Trends Report 2020 and our Guide to Structuring an Employee Benefits Plan.

To learn more about how we can help your company, you’re more than welcome to arrange a consultation with a member of our corporate team today!

Business Insurance banner

Suphanida