While a few years ago candidates were fighting to get a foot in the door with any company that would take them, the tables have turned and as the Great Resignation continues, businesses are now battling to hire and retain skilled employees. Chances are, if your company doesn’t look as attractive as your competition you could be missing out on good talent.
One factor many people consider when applying for a new role is the employee benefits on offer. Even if you’re offering a truly competitive salary, a comprehensive benefits package could be enough to sway a prospective employee. Great benefits can go a long way to improving employee satisfaction which can be extremely beneficial to your business.
Here, we explore employee benefits and why they’re important for employee satisfaction.
Why is employee satisfaction so important?
The happier your employees are, the more productive they’re likely to be. A recent study conducted by the Department of Economics at the University of Warwick revealed satisfied employees work harder and are 12% more productive than unsatisfied ones.
Improving productivity throughout your team will help your company achieve its goals quickly and effectively, while less staff turnover will reduce disruption and keep your business running smoothly.
Why should employers offer work perks?
Many businesses across a wide range of industries have made themselves more attractive as an employer by offering a wide range of benefits, and what was once considered a luxury is now being expected as standard. This means if you aren’t matching up to your competition you could struggle to attract and retain talent.
Employee benefits can also help boost morale in your workplace and keep your team happy and healthy. For example, offering a benefit like dental or optical care could ease the financial burden of these costs on your employees. Offering health benefits will also be beneficial from a business point of view. After all, no one works well with toothache or broken glasses!
What are employees’ favourite benefits?
Print specialist instantprint surveyed 1,000 UK employees to determine which benefits are most sought after in 2022. Their research revealed flexible working hours were the most valued benefit, with 45% of participants deeming it their highest priority.
Interest in flexible working hours is unsurprising, given how the pandemic encouraged many Brits to reassess their working lives and make more time for their loved ones or their passions.
Flexible hours was closely followed by dental care at 43%. A flexible working location was still quite highly valued, with a total of 32% prioritising it, while optical care wasn’t far behind with 31%. The other benefits valued were bonus schemes (28%), additional holiday days (27%), free meals (27%), office fruit/snacks (26%), increased pension contributions (24%) and free parking (24%).