How to stop your best people from leaving: Building an employee benefits package in 2024

In the race for top talent, businesses need to look beyond just salaries to attract and retain the best employees. In this article, we'll look at the essentials of building a robust employee benefits package tailored for 2024 and employee needs.

5
min read
Published
27/5/2024

The job market is rapidly evolving and building an enticing employee benefits package has never been more important.

- A fifth (21%) of UK employees are not satisfied with their current job

- 20% of UK workers plan to quit their jobs in 2024

Employees are seeking more than just a pay cheque at the of the month. For example, candidates are now actively seeking out companies that offer fertility benefits. According to Bloomberg, jobs citing fertility benefits such as egg freezing and IVF soared by 700% from March 2022-2023.

It's crucial for employers to adapt to what people are looking for, before their best people start leaving to competitors who are leading the way. Employers need to strategically design benefits packages that resonate with the needs and aspirations of their workforce. With that in mind, let's look at the essentials of building a robust employee benefits package tailored for 2024.

What actually are employee benefits these days?

Employee benefits extend far beyond compensation—they embody an organisation's commitment to its employees' wellbeing and fulfilment. These benefits encompass a spectrum of offerings, from traditional healthcare and retirement plans to newer perks like parental leave and reproductive health benefits (hello, Fertifa 🤩) , all designed to enhance employee satisfaction, employee engagement, and retention. The goal is happy employees!

The amount of benefits you have to choose from can feel overwhelming, but understanding the landscape is the first step in creating a comprehensive package. Health and wellness benefits, financial and retirement plans, time-off and leave arrangements, and work-life balance initiatives are all types of employee benefits that you should be considering.

How to adapt to your employees' needs

The needs of today's workforce are evolving rapidly – flexible hours, work-from-home options, and mental health support are gaining precedence as employees seek greater autonomy, flexibility, and holistic wellbeing.

Recognising that one size does not fit all, you need to be tailoring benefits to meet the diverse needs of your employees. It's great if you're able to offer many benefits that employees can pick and choose from. This allows for greater engagement and satisfaction. Whether it's gym memberships, fertility benefits, sabbaticals, or educational assistance, customisation fosters a culture of inclusivity and support.

Effective communication

Even the most comprehensive benefits package is ineffective if employees are unaware of its value. Clear and transparent communication is essential. Employers should proactively educate employees about available benefits, using various channels to make sure benefits and policies are both easily accessible and easy to understand.

Evaluating success and adaptation

Creating a valuable benefits package should be an ongoing journey. Regular evaluation and adaptation based on employee feedback and industry trends are important. You can measure your metrics like employee retention, job satisfaction, and engagement over time, and from that data refine your benefits strategy to stay competitive and responsive to employee needs. Asking for feedback from your employees is the most valuable, as it's them you're trying to serve! As it stands, half of UK HR leaders think their workplace benefits aren't working, and two-thirds (62%) think the benefits they do offer “don’t address what people really need” or are “only useful to some of the workforce". Employee feedback can help reduce these numbers, and create a great company culture where employee morale is high.

Now that we've established the pillars of creating a successful benefits package...

What kinds of employee benefits should you be offering?

There are four major types of employee benefits:

Monetary benefits

Monetary benefits include financial protections and long-term planning opportunities for employees. This category includes pension plans, retirement benefits, and life insurance – essentially anything not already covered by National Insurance. National Insurance covers basic state pension, maternity allowance, and bereavement support for eligible employees, amongst other things. Life insurance, in particular, serves as a safety net for employees and their loved ones during unforeseen circumstances. By offering financial benefits and therefore more financial security within your benefits package, you're tangibly helping your employees in ways they will immediately appreciate.

Health and wellbeing benefits

Common types of benefits in this category could include comprehensive medical insurance, dental and vision plans, as well as reproductive health benefits, including fertility benefits, and mental health support.

Health and wellbeing benefits generally play an important role in creating a supportive and healthy workplace environment. Providing access to these kinds of resources not only promotes physical health but also acknowledges the importance of mental and emotional wellbeing in the workplace. Medical care and health insurance are highly requested benefits from employees in the UK. You could also include employee discount schemes in this category, where they can get discounts on certain retailers or gyms, for example.

Reproductive health benefits are incredibly important to your employees

- Nearly 8 out of 10 people said that fertility support or a fertility policy was very important when they were considering a new job or employer.

- One third (32%) of people who went through fertility treatment said they were not prepared financially.

Facing unexpected reproductive challenges can be both emotionally distressing and a financial burden. By providing support in this area, you offer your employees a sense of reassurance and security. They feel more comfortable knowing that they have resources to turn to during difficult times, fostering an environment where they feel safe to discuss their experiences openly at work.

If you want to offer reproductive health benefits to your team, get in touch with us here!

Leave benefits

Leave benefits are essential for promoting work-life balance and allowing employees to recharge and rejuvenate. Common employee benefits in this category would be extra paid time off above the national requirement. Beyond statutory requirements, offering additional paid time off demonstrates a commitment to supporting employees' personal needs and obligations outside of work. Whether it's for vacations, family emergencies, or personal development, ample leave benefits contribute to a more satisfied and engaged workforce.

Holistic work-life balance benefits

Holistic work-life balance benefits can include a range of initiatives aimed at supporting employees in achieving harmony between their professional responsibilities and personal lives. These benefits may include flexible work arrangements, work-from-home options, childcare assistance, and wellness programmes. By prioritising work-life balance, employers create an environment where employees feel valued, motivated, and empowered to perform their best in both their professional and personal endeavours.

Remember that not all benefits need to be paid for by the company. You can introduce voluntary benefits, which are accessed through employee contributions via a payroll deduction, that still afford them access to exclusive services.

The importance of establishing a compelling employee benefits schemes cannot be overstated

As companies vie for a competitive edge to secure top talent in an increasingly competitive market, investing in employee wellbeing and satisfaction is not just a choice but good for your business. You want your employees to speak highly of their current employer (you) and offering great benefits for employees is the way to achieve that. By crafting a comprehensive employee benefits package that really resonates with your employees, you can build a workplace that attracts, engages, and retains top talent, setting the stage for success in the years to come.

If you're interested in implementing reproductive health benefits at your company, give us a call using the button below. We'd love to speak with you 💜