Flexible benefits: What are employers offering?

Employee benefits have always been important to employees, but since the pandemic shifted the way we work and the way we think about work/life balance, the benefits employers have to offer matter more than ever.

Employees have new priorities and are more aware of what they want and need from a job – which means employers have to be very targeted with their approach to benefits packages. 

More than eight in 10 workers who had to work from home during the coronavirus pandemic now say they plan to take a hybrid approach at work – it's no longer a perk, but an expectation that we’re seeing within the South West and in major cities across the country.

As an employer, the benefits you offer need to impress and bring in the type of people you want to hire. But with so many benefits to choose from, how can you decipher what employees really want and what is best for your team?

The truth is, there’s not just one thing that will keep everyone happy – it’s about giving employees the flexibility to choose what is best for them.

16.6 per cent of job ads live right now advertise their company’s workplace pension as a key employee benefit. However, everyone has different priorities – some will want lifestyle benefits more than learning and personal development, and these priorities often reflect location-based preferences too. Jobs within larger cities might want better commuting benefits, while those in the countryside might favour healthcare plans.

Choosing the benefits that reflect the type of staff you want to attract and retain is key. 

We spoke to one of our Recruitment Managers, Dani Osborne, who specialises in HR, Marketing and Senior Office appointments, and asked her to give some insight into what types of benefits employers are offering in her space. 

As a South West recruitment specialist, the most common flexible benefits our team is seeing are annual leave, healthcare, retirement planning, childcare and wellbeing initiatives.

Interestingly, less popular in the South West is travel concessions, gym memberships and wellness programmes.

We don’t have the same volume of people using high-cost public transport, nor the same network of national gyms and fitness centres for employees to utilise – so it’s just not as big of a priority as some of the other offered benefits.

The provision of the right flexible benefits package will increase employee engagement, support high retention and make an employer an attractive and desirable business to work for.

It is far from a ‘one size fits all’ provision, and employers need to ensure what they are offering is what their employee demographic wants. 

If your workforce comprises of lots of parents with young children, then childcare should be a key part of the plan. If your employees are generally at the early stages of their career, there may be less inclination towards retirement planning.

The range of benefits offered should be regularly reviewed, and of course, there will need to be an element of time and money invested by the employer to ensure it continues to offer the right options for your people.

 If you get it right and your people are accessing your full range of benefits, it will be hugely motivating, creating a sense of value and leaving employees feeling rewarded.

Take note of where you’re based, and the benefits employees are leaning toward. If you’re a company based in the South West, keep in mind that travel concessions, gym memberships and wellness programmes are potentially less appealing to candidates and employees. This gives you the opportunity to focus your efforts on offering benefits that employees will actually add value.

However, for those outside of the South West, ensure you’re taking note of what’s important to your employees and the trends in your location. It may be that you’re offering all the wrong benefits and a simple tweak could transform your company’s culture, retention rates, and recruitment efforts.