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A tailored approach to benefits is now vital to compete in the current recruitment market. Gone are the days where businesses can just dictate a ‘one-size-fits-all’ employee benefits package and expect that to be enough to attract and retain the right people.
What is offered by your business must be truly useful to your people outside just the four walls of your office and make them feel like their individual needs are being considered. A broader, less personalised approach to employee benefits is no longer relevant, and can alienate people that don’t feel accommodated for.
Greater candidate power
One of the main reasons why broader employee benefits can be less effective in today’s market is due to the greater bargaining power that candidates are now used to. The workforce shortage has allowed applicants to be more demanding and selective, meaning employers must do more than ever to attract the best candidates and be able to call themselves an ‘employer of choice’1.
This has had a significant impact on employee benefits strategies of businesses, with nearly half (48%) of UK companies reportedly increasing their investment in employee benefits2, to not only compete in but to win the “war for talent”.
Think about who your business needs
To design an employee benefits package that meets the needs of the people your business wants to attract and keep, you should first think about who those people might be. Once you have identified these types of people, think about what stage in life they may be at and what daily struggles they may have that your benefits can help to make less of a struggle.
Some examples are:
People with no dependants may prefer:
Discounts and subsidiaries for everyday expenses
Financial advice
Access to mental and physical wellbeing support
Free access to professional development and support with career progression
A ‘work from anywhere’ approach to flexible working
People with young families may prefer:
Financial and mortgage advice
Private medical insurance that extends to partners and children
Flexible working hours to maintain a positive work-life balance
Income protection benefits
People at later stages in their career may prefer:
Generous pension contributions
Retirement planning advice
Eldercare support
Menopause support
The above just goes to show that different groups of people could find value in completely different things, and trying to design your employee benefits strategy to meet the needs of all these people could be a tricky (and costly) task. Regardless of what the rest of the market is doing, we encourage our clients to base their employee benefits strategy on what will appeal to the types of people that will help their business to grow. It’s not about appealing to the most people, it’s about appealing to the right people.
Making your strategy count, first time round
While you can manage and oversee these strategies yourself, having a business partner like Johnson Fleming by your side can help alleviate stress and make the process more seamless from start to finish. We’ll work with you, ensuring all the elements of your benefits strategy work in harmony together, linking the wider elements, such as ESG, DEI&B, CSR, and your EVP. Our consultants provide an end-to-end service, from crafting and evolving your strategy, to using our risk management, brokerage skills and provider relationships to find the best solutions for your needs. Wherever your business is on its journey, we’ll be there to support you when you need it.
NFP’s guide to international benefits
With more benefits, reward and HR professionals taking on multinational responsibilities, our team of experienced international benefits consultants have created this new guide to share their high-level insight into the key aspects of running a successful international benefits programme.
In the comprehensive guide, you'll learn:
What to consider when designing your global benefits strategy
How to identify the right benefits and provider(s) to deliver them
How to efficiently run your global benefits programme
How to review and maintain oversight of your programme
1 - https://www.ukri.org/blog/winning-the-war-for-talent-by-becoming-an-employer-of-choice/
