In a candidate-driven market, where effective recruitment and retention is so pertinent to the efficiency and success of companies, offering good healthcare and risk benefits as part of your overall employee benefits package not only shows that you are a compassionate and caring employer, but as it is widely acknowledged to improve recruitment and retention of staff and boost productivity, it is also the act of the savvy employer.
In today’s highly competitive recruitment market, a good employee benefits package can set you apart from your competitors and be a powerful tool in attracting the high calibre applicants you desire.
Improving the overall wellness of your workforce can help boost productivity and reduce absenteeism. The average number of working days lost due to absenteeism is on the increase, along with a rise in unhealthy lifestyles. Mental ill-health, in particular, has a huge effect on working days lost, and due to the complex and often hidden nature of associated conditions, the long-term impact on productivity can be huge. The Health and Safety Executive reports that 12.5 million working days were lost due to work-related stress, depression or anxiety in 2016/17 (www.hse.gov.uk). It could, therefore, be in the employer’s interests to consider offering a package that provides support and assistance to employees experiencing mental ill-health.
Offering benefits that address the health and well-being of your workforce also demonstrates to your employees that you care about them, which in turn can increase their motivation to work hard for you.
Employee benefits’ is an all-encompassing phrase, which includes ‘basics’ such leave entitlement, sick pay and pensions, but can also include perks such as gym membership, access to counselling services, life insurance and private medical insurance. There are many options available, depending on your budget and workforce demographics. At different times of life, and in different family situations, different things are important, and not everyone needs the same benefits. Take this into consideration when choosing which package is right for your organisation, in order to maximize take-up and get maximum benefit from your investment.
At Hugo Wright, we have access to a wide range of schemes to suit your needs, from a simple death in service benefit that can start from as little as £1 per week to all-encompassing health plans that address both mental and physical well-being. Although we do offer private medical insurance at competitive rates, there are less expensive options available for small to medium employers who don’t have big budgets but want to provide something to their workforce. At no extra cost, we can also arrange for a consultant to come and engage with your employees.
Please do get in touch to explore how we may be able to tailor packages specifically for your organisation and employees.