As both companies and employees adjust and settle into the ‘new normal’ of working life, it is imperative to recognise that it’s not just our work environments that are changing. Now more than ever, employees are re-evaluating their priorities.
Rethinking your employee benefits package is a powerful way that your company can respond to the current climate and continue to attract and retain the best talent in your industry.
In this article, we talk you through viable options to consider for re-evaluating your current employee benefits package. With a focus on the key issues that employees are now prioritising.
Employee Benefits: What Can You Do As An Employer?
One company that has already seen the value of creating a personalised employee benefits package is ITI.
We spoke with their Director of People & Culture at ITI, Kelly Ward, who actively champions a people-first approach. Kelly told us:
“With more generations in the workplace at the same time than ever before it was clear to us that we needed to ensure our benefits package was attractive for all. The pandemic encouraged us to focus on our health and wellbeing offering as well as flexibility. We revised our Employee Assistance Programme to ensure it supported all our colleagues. And introduced a Health & Wellbeing informal chat forum where we all share our experiences, resources and ideas with our colleagues. We trained Mental Health First Aiders and have volunteers who are ‘Listening Champions’.
Our colleagues tell us that flexibility is really important to them now more than ever as we balance our work lives and our personal lives, often from the same four walls!”
Which Employee Benefits Should You Be Prioritising?
Mental Health and Wellbeing Support
According to a 2020 survey conducted by Legal and General, 7 in 10 employees would move to an employer with a better policy on mental health.
The effects of the Covid-19 pandemic on employees’ mental health have undoubtedly exacerbated the already substantial issues of mental ill-health and workplace wellbeing. Where a 2019 HSE survey found that work-related anxiety, stress and depression accounted for 54% of work-related absence.
The pandemic has undoubtedly shed light on the issue of workplace mental health and wellbeing. It has forced companies to consider ways in which more proactive approaches to mental health and wellbeing can be integrated into employee benefits packages.
These may include:
- Engaging in workplace wellbeing courses
- Clear signposting of the employee wellbeing services you offer
- 1-to-1 counselling hotlines
- Subscribing to a GP phoneline service
Phyiscal Health and Fitness Support
If there is one thing that the Covid-19 pandemic has shown us, it’s that being as healthy and fit as possible is vital to both our physical and mental wellbeing.
Now more than ever, individuals are understanding the value of health and fitness. Companies are also now adopting a more proactive stance on health and fitness in their employee benefits package.
Health benefit options could include:
- Private healthcare
- Private dental plan
- Eyecare vouchers
Not only does investing in your employees’ physical health and wellbeing reinforce your commitment to their overall wellbeing. But it will likewise improve their mental state and aid in reducing work-related stress and improving productivity.
Consider Just How Flexible Your Flexible Working Options Are
‘Flexible working’ is nothing new; for years, companies have become increasingly responsive to external demands that require a more adaptable approach to employee work patterns.
Now, with extra pressures such as extra caring responsibilities and full-time working from home – combined with further stressors including isolation and increased anxiety, it is imperative to re-evaluate your current flexible working options to make sure they are still relevant to this new working climate.
In fact, here at Inclusive Consulting, we’ve recently ran a short poll on LinkedIn around employee benefits. The results of this truly emphasise just how high of a priority offering flexible working should be.
You can view the full results here or see the overall outcome below:
Flexible working encompasses a variety of working patterns that deviate from the standard (and increasingly archaic) 9 to 5.
It is vital that all flexible working arrangement requests are considered fairly and reasonably, and may include:
- Earlier/later start and finish times
- Compressed hours (working the same number of hours over fewer days)
- Part-time/job-share options
- Split hours (e.g. working 7am-11am and then 1pm-5pm)
It is paramount that your flexible working options are clearly stated and communicated with your employees and that each request is considered in accordance with UK law and ACAS guidelines.
Practise What You Preach and Preach What You Practise
Making sure your company’s employee benefits package is relevant and receptive to recent factors is only one part of the journey.
It is just as essential that employees feel encouraged to access and utilise necessary support, and that any improvements made to your employee benefits package actively contribute to a working environment in which mental health and workplace wellbeing issues are not treated as taboo.
If you’re managing a team, being open and approachable when handling issues such as mental health and workplace wellbeing will help create and develop a sense of trust among colleagues, ensuring that they feel comfortable enough to come forward and open up about their own stressors.
A valuable employee benefits will have quantitative and qualitative impact on an employee’s overall wellbeing. It is important that your employees feel recognised, valued, and supported.
Other employee benefits to consider:
- Life Insurance
- Flexible working options
- Increased sickness leave
- Subsidised gym membership
You could consider offering an employee benefits package where employees can choose their own benefits that is tailored to their own lifestyle and needs.
It may not be possible for smaller-sized companies to merely add in extra benefits. In this instance, it is beneficial to re-evaluate your current package and switch-out benefits that are no longer applicable, and replace these with more relevant benefits.
Adopting a personalised approach to employee benefits that takes the changing needs of your employees into consideration is essential.
