Employee benefits, such as childcare vouchers or a pool car, can help businesses to improve staff retention, absence rates, productivity and relations.
Recent research by the Chartered Institute of Personnel and Development (CIPD) shows that more employers and HR professionals are aligning their staff benefit packages with the company’s objectives. The research revealed:
- firms focusing on delivering great products or services for their customers are more likely to provide training and development benefits
- companies focusing on cost are more likely to offer voluntary benefits such as discounted products and services or luxuries
- workplaces employing a high percentage of graduates tend to offer defined contribution pension plans to ‘attract and retain valuable talent’.
Transparent and effective communication around employee benefits is also more likely to help firms experience:
- good employee relations
- increased productivity
- lower absenteeism
- improved staff retention
- lower levels of dissatisfaction about pay.
Charles Cotton, reward adviser at the CIPD, said: “HR professionals continually have to ensure that the reward provisions they offer in the workplace are in keeping with the shifting nature of work, and are aligned to both the needs of business and employees and integrated with other aspects of people management strategy. Failure to do so will result in inappropriate achievements, skills and behaviours being rewarded and recognised.”
Could your business take advantage of staff benefits? Contact us to discuss this further.