Could employee benefits be the key to increased loyalty?

Did you know that staff benefits can often make or break your employee retention?

Research has found that 69% of employees say a wide array of benefits would increase their loyalty, and 80% of people who are satisfied with their benefits report higher job satisfaction.

Right, the research is there, but what does that actually mean for your business?

Should you suddenly start investing in exciting new perks, like wine clubs and a four-day working week, in a bid to keep people happy?

Well, it’s not quite that simple – actually, it’s pretty complex and requires a lot of thought and consideration.

Luckily, we have our experts on hand to offer some guidance.

Are you listening?

Health and wellbeing are currently front of mind for many businesses.

In fact, 62% of businesses plan to ramp up their health and wellbeing this year!

However, data shows that only 24% of businesses are currently basing their staff benefits on actual employee requirements.

Many employers use a checklist approach and offer staff generic wellness programmes, expecting these to meet the needs of a diverse workforce.

The truth is starkly different, leaving many workers unsatisfied with the offerings available.

The shift in employee expectations

We’re seeing a massive shift in employee expectations, with benefits now seen as deal-breakers rather than optional perks.

Dan Grace, Director of International HR Consulting at IRIS Software Group, commented: “Mental health support, flexible work arrangements and comprehensive wellness programmes are now baseline expectations, not perks.

“Employees are also demanding more personalised benefits that align with their life stages and values.”

This shift has been driven by a number of factors, such as:

• The post-pandemic re-evaluation of work-life priorities
• A competitive job market
• Younger generations prioritising personal wellbeing over career advancement

Dan added: “Today’s workforce has experienced unprecedented workplace flexibility and won’t easily give it up.

“Benefits have become a direct reflection of how much an organisation values its people.

“When employees feel genuinely cared for through comprehensive benefits, they develop emotional connections to their employer.

“Conversely, inadequate benefits signal that the company views them as replaceable resources.”

How to design meaningful benefit packages 

The key to modern benefits strategies is addressing the whole person, not just the employee.

This involves supporting everything from financial wellness to championing mental and physical health.

Dan advised that to remain competitive, you often have to surpass the legislative minimum.

Our Senior L&D Advisor, Vanessa Myatt, added: “The key is to move from a transactional approach to a relational one.

“Instead of questioning what benefits you should offer, forward-thinking organisations are determining what their people need to feel supported, valued and able to thrive.

“That starts with listening, using surveys, feedback loops and usage data to understand what matters most.

“Then it’s about building a balanced mix of physical, mental, financial and social wellbeing support, which could include private medical, yes, but also things like mental health days or flexible working policies.”

Webinar available now: benefits done right

Intentionality is key. 

The best benefits strategies are inclusive, transparent and adaptable, evolving alongside employees’ needs.

Dan and Vanessa recently joined us on a webinar to cover this topic in greater detail and offer even more advice.

This free, practical session covers how you can streamline your payroll and tailor your benefits to dramatically improve employee wellbeing, engagement and retention.