By James Brooks
Employee Benefits Specialist
BHIB Insurance Brokers
THE wants and needs of modern employees are vastly different from those of their predecessors.
Now, potential employees are concerned with company culture and benefits in addition to their salary. To remain competitive, your organisation must adapt and offer competitive benefits to attract and retain skilled employees. This strategy has not been lost on a majority of organisations, as the percentage of organisations using benefits to attract talent has risen from 61 per cent in 2015 to 73 per cent in 2017, according to a recent study from MetLife.
A comprehensive benefits package could do more than just appeal to potential employees. Benefits packages help reduce the strain on the NHS and increase job satisfaction, employee productivity and retention. Even though it may be a time-consuming process to decide which benefits options are most advantageous for your organisation, it is worthwhile. What’s more, benefits don’t necessarily have to put an additional strain on your budget, as 46 per cent of organisations have been able to adopt a flexible benefits scheme without any added costs, according to research by Mercer.
There are numerous studies touting the business advantages of providing employee benefits. Put simply, employee benefits make employees happier, and happier employees are better employees. In fact, a University of Warwick experiment concluded that happiness made people about 12 per cent more productive. The link between employee benefits schemes and productivity is well established. MetLife’s most recent survey found that 47 per cent of employers saw improved employee productivity after implementing employee benefits schemes.
With a reasonable and accommodating benefits scheme, your organisation can attract new talent while keeping your current employees happy, motivated and productive.
To learn more about employee benefit schemes, or if you have any questions, contact James Brooks at BHIB Insurance Brokers on 0330 024 06 06 or email