The top 7 employee benefits that will help you win the talent war

Offering a comprehensive benefits package is more important than ever for maintaining employee satisfaction and retention. This article will outline the best benefits you can offer as a company, including flexible hours, reproductive and mental health support, professional development opportunities, and more.

5
min read
Published
25/6/2024

Today's job market is uber competitive - this isn't new news. This does mean, however, that retaining top talent is more important than ever. While salary is still a key factor in attracting and retaining employees, companies are recognising that attractive employee benefits packages are key to maintaining high job satisfaction and employee morale.

78% of employees agree that employee benefits are 'very' or 'extremely important' in their decision to accept or reject a new job.

69% of employees said they would choose one job over another if it offered better benefits.

A Willis Towers Watson study found that 44% of employees have stayed with their current employer because of their employee benefits package.

With that in mind, here are some top employee benefits that can significantly enhance employee satisfaction and engagement, making sure your best talent stays with you for the long haul.

1. Flexible working hours and schedules

Employees value a healthy work-life balance now more than ever. Offering flexible hours and flexible schedules allows employees to manage their personal lives alongside their professional responsibilities. This not only boosts job satisfaction but also enhances employee morale and reduces employee turnover. When employees feel trusted to manage their time, their overall engagement and happiness at work increase.

Parental leave falls under this umbrella, too.

85% of women leave full-time employment within 3 years of having a child.

Giving new parents the paid time off that they need when they have a baby, as well as supporting them with flexible schedules when they return to work, will help them return more focused and dedicated. By supporting employees through significant life changes, companies show they genuinely care about their team's personal wellbeing. This not only builds loyalty but also strengthens the company culture, making it a more attractive place for top talent.

2. Comprehensive health and wellbeing programmes

Physical health and mental health are so important to employee happiness and productivity. Life doesn't just happen between 9 and 5. If you're unwell or experiencing personal challenges, staying focused at work becomes a real struggle.

According to our survey with Fertility Network UK, three out of four (75%) people said that their productivity at work was strongly impacted by fertility challenges.

Two-thirds (67%) of women who have experienced menopausal symptoms report that these symptoms have had a 'mostly negative' impact on their work.

Providing comprehensive benefits packages that include health insurance, life insurance, medical insurance, mental health benefits, and wellness programmes shows employees that their wellbeing is a priority. Nowadays, dental and medical coverage isn't enough. Employees want holistic cover, and that includes reproductive health too. It's especially important that these benefits are inclusive of everyone - no matter their sexual orientation, gender identity, religion, age, or race.

Fertifa can support your employees through fertility, menopause, family-forming, women's health, men's health, and neurodiversity challenges, too. If you're interested in implementing reproductive health benefits at your company, give us a call here.

For our employees, we offer a comprehensive healthcare cash plan, as well as enhanced family-forming benefits and policies, as we know that no two paths to parenthood will look the same, and to ensure that we're the gold standard in our industry.

3. Professional development opportunities

Employees are more likely to stay with a company that invests in their growth. Offering professional development opportunities, such as training programmes, workshops, and educational reimbursements can enhance employee retention. When employees see a clear path for advancement and continuous learning, their engagement and job satisfaction are likely to increase. Another way to make your employees feel secure about their future at the company is through stock options and retirement plans. At Fertifa, we offer share options as part of our compensation. Making sure we are generous as the company grows is a priority.

4. Activities and social benefits

As important as competitive salaries and other monetary benefits are, a good comprehensive benefits package will also offer social activities. This is so important for creating a positive work environment that attracts talented employees and positions the company as an employer of choice. Organising social events like team outings and holiday parties creates a sense of camaraderie within the team and boosts morale. It gives your employees the opportunity to be friends and not only colleagues. And who doesn't like to have fun? Wellness initiatives like yoga classes and meditation sessions are a great idea too, because they're team-bonding but also support employee wellbeing.

Providing volunteer days allows employees dedicated time for community involvement, which helps create a sense of belonging and can reduce feelings of isolation. Recognition programmes that celebrate your employees' achievements will strengthen a culture of appreciation and motivation. By implementing these social benefits, your company can cultivate a workplace where employees feel valued, motivated, and connected, which in turn boosts job satisfaction and retention rates.

5. Employee feedback and engagement

Regularly seeking and acting on employee feedback can enhance engagement and satisfaction among both experienced employees and talented newcomers. If you do ask for feedback, it's important to actually implement those changes to show your team that their opinions matter and that your company is committed to continuous improvement. This approach not only creates a more positive company culture but also contributes to higher employee retention rates.

6. Making the commute easy

Flexible work options are great, but sometimes, being in the office is essential. When that happens, making the commute hassle-free will help you support your retention rates and keep your current employees happy.

Covering fuel costs for business travel is a small touch that makes a big difference in employee retention rate. And for those who prefer to pedal their way to work, cycle-to-work schemes are a win-win for both physical health and the environment.

7. Support for mental health

One out of every five working adults had to take time off work in the past year due to poor mental health caused by pressure or stress.

The rates of stress and burnout are on the rise. Every company should be offering comprehensive mental health benefits, such as counselling services and mental health days.

Reproductive health issues can also have a big impact on your mental health. We've seen this first hand - whether it's low testosterone, male-factor fertility challenges, experiencing pregnancy loss, the anxiety often linked with menopause, hormonal fluctuations during your monthly cycle, or other challenges, these can all impact your mood and overall health, and sometimes lead to longer-term mental health conditions. We talk about mental health a lot at Fertifa – it's an open conversation we have as a team, and we aim to encourage the same among all of our clients and their employees. We provide comprehensive support for all reproductive health challenges and the mental health side of each one, because we understand their close connection.

Prioritising mental health can greatly enhance employee experiences and decrease absenteeism. Employees should feel comfortable discussing their mental health with their peers and managers at work. You can help break the stigma by having a dedicated mental health policy in place that allows employees to take time off to rest and recover, without needing to use their annual leave. Supporting employees' mental wellbeing shows that you value your employees as people and not just their work output. Having these benefits in place will also act preventatively, helping curb stress and burnout before it begins.

Offering a mix of benefits that cater to your team’s diverse needs will boost job satisfaction, employee engagement, and retention. Focus on flexible hours, health and wellness programmes, professional development, work-life balance, and a fun, social culture. This way, your top talent will not only stay but thrive. In a competitive market, it's about attracting great people and keeping them happy.

If you're looking to implement a comprehensive benefits package for your employees, give us a call using the button below! We're always happy to help 💜