6 Creative Employee Benefits to Attract Talent
Standard benefits just don’t 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. Don’t worry—this Pacific Prime UK article gives you some creative employee benefits ideas to work with.
Creative Benefits 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.
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, especially in the midst of talent scarcity. As you can imagine, turnover costs can quickly spiral if you have employees resigning in 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 uniforms, badges/passes, desk equipment, etc.)
Read more: Want a closer look at the top benefits trends in the UK and beyond? Our Global Employee Benefits Trends Report 2022 explores them in depth with tips for implementation.
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 the limit. Here, we’ll suggest some unique benefits for employees in the aforementioned categories.
1. Flexible Working Arrangements Are Here to Stay as Dealbreakers.
Flexible working arrangements give employees more control over when and how they work. Many high-performing businesses rely on this perk to attract and retain top talent, and the failure to provide it can be a dealbreaker for many job seekers.
In particular, female employees stand to benefit due to their larger share of caregiving duties when compared to male employees. In an age where diversity and inclusion are of paramount importance, this ensures that company policies cater to all.
On the other hand, companies looking to bring employees back to the workplace should consider striking a balance between flexibility and organizational goals. If the recent pandemic has taught us anything, it has shown that flexibility in the workplace is not only desirable but can also be possible.
Here are some creative working arrangement benefits to offer:
- 4-day work week
- Remote working programs
- Hybrid working programs (or some days working remotely 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. Young, Family-oriented Workers Are Attracted to Generous, Family-friendly Policies.
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 future. To be representative of an increasingly diverse workforce, policies should also cater to non-traditional families.
Here are some creative family-friendly benefits to offer:
- Adoption assistance
- Maternity and paternity leave for adoptive parents
- Breastfeeding rooms and on-site daycares
- Childcare reimbursement
- Extending employer-sponsored health insurance to dependants
- Child-friendly end-of-year office parties
- And more!
3. Money Matters. Financial Benefits Spillover Into Employees’ Lives.
Given the ever-changing world and evolving business landscape, employees are likely to feel stressed about their finances, which can spillover into other areas of their lives such as physical and mental health. As such, financial wellness benefits are designed to address the root cause of the problem.
Offering financial guidance and investment opportunities can help employees feel valued and, most importantly, part of the organization. This falls into the trope of employees being part of the family and long term plans of an organization.
Learn how to ease your employees’ financial worries:
Here are some creative financial benefits to offer:
- Financial literacy programs and budgeting workshops
- Company stock or equity options
- Student loan repayment plans or living stipends
- 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 rates.
With rising concerns about inflation and widespread burnout syndrome, employees are continuously at risk of battling mental health challenges. Introducing benefits that appeal to employees on a personal level will keep them happy and productive.
Here are some creative mental health benefits to offer:
- Standing desks, agronomic chairs, and screen protectors
- Wellness Wednesdays
- 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. Introducing a Casual, Fun, and Engaging 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. Moreover, offering a fun and engaging workplace is especially important to attract and retain younger talent.
Here are some creative activities 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!
6. Facilitating a Sense of Belonging in the Workplace.
A crucial component of workplace culture is belonging, which is the feeling of being accepted and part of a team. Furthermore, offering benefits related to belonging does not necessarily incur any costs; it is just a matter of allowing employees to contribute and connect.
Here are some creative inclusion benefits to offer:
- Communication sessions between employees and managers
- Workplace feedback sessions
- Extra learning and development sessions
- Employee team building activities
- 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 experience 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 check out our Global Employee Benefits Trends Report 2022 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!
Frequently Asked Questions
Why is it crucial to not only attract but also keep good employees?
In the midst of a global talent shortage, employee attraction and retention can save an organization from unnecessary costs related to recruitment and productivity. If done properly, this may also attract interest from future candidates.
What are the upsides to employee retention?
Employee retention can help increase productivity and improve work quality, while also reducing hiring costs. This is an overall boost to the organization’s stability and return on investment metrics.
What factors play a role in retaining and attracting employees?
To attract and retain employees, companies should look to improve their financial benefits, employee engagement, mentorship programs, and flexibility, while championing diversity and inclusion
With over 5 years of experience in the field, Suphanida spends the majority of her day synthesizing complex pieces of insurance-related information and translating this into easy-to-understand, engaging, and effective content across a variety of media such as articles, infographics, whitepapers, videos, and more.
Suphanida is also responsible for planning and publishing three whitepapers released annually by Pacific Prime: The State of Health Insurance Report, The Cost of Health Insurance Report, and The Global Employee Benefits Trends Report. Additionally, she handles the LinkedIn profiles of Pacific Prime’s Founder and CEO, as well as Global HR Lead.
Suphanida’s strengths lie in her strong research and analytical skills, which she has gained from her BA in Politics from the University of Warwick and Erasmus Mundus Joint MA in Journalism from Aarhus University and City, University of London.
Being of Thai-Indian origin and having lived, studied, and worked in Thailand, the UK, and Denmark, Suphanida also has a unique, multicultural perspective that helps her understand the struggles of expats and globetrotters.
Outside of work, she enjoys traveling to new places and immersing herself in different cultures.
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