What are employee benefits? A beginner's guide for 2024
Do you know what your employees want from the workplace?
If your first thought is a salary increase, you may be surprised to learn that’s not the case.
As we enter 2024, employee benefits are no longer just a standard practice; they've become a crucial part of shaping today's workplace.
With recent studies suggesting that 80% of employees would choose additional benefits over a pay raise, it’s time for businesses to sit up and listen to their most important asset - their workforce.
So, what are employee benefits, and why do they matter?
What are employee benefits?
Employee benefits include various extras employers give their employees, going beyond regular salaries. These perks aim to improve overall wellbeing, job satisfaction, and work-life balance.
Essentially, they aim to create a connection beyond just the paycheck, strengthening the bond between employer and employee beyond the office.
Why are benefits important to employees?
Whatever your business goals may be for 2024, you can be certain that the implementation of benefit solutions will be able to help you deliver them. These are just some reasons why you need to consider employee benefits in 2024.
- Attraction and retention: Competitive benefits attract top talent and retain valuable employees. Over 88% of job seekers consider health and wellbeing benefits key when choosing a new role.
- Job satisfaction: Comprehensive benefits contribute to overall job satisfaction, as they often build a sense of personal security and wellness.
- Wellbeing: Health and wellness benefits enhance physical and mental wellbeing. They help employees feel better.
- Financial security: Retirement plans, financial benefits and insurance products provide financial security.
- Work-life Balance: Flexible schedules and family-friendly benefits support work-life balance.
- Motivation: Recognition and reward benefits motivate employees to excel.
- Company Loyalty: Employees who are satisfied with the benefits they receive are 70% more likely to stay with their employer!
- Productivity: Healthy and satisfied employees are more productive in their roles.
The benefits speak for themselves, but if all this is new to you, understanding the types of employee benefits is a crucial starting point.
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Types of employee benefits
Employee benefits come in various shapes and sizes, each catering to different facets of an individual's life.
These benefits not only provide a safety net for employees but also contribute to a sense of security and loyalty within the workplace.
Curious about examples of employee benefits? Let's delve into a few.
1. Benefits that support health and wellbeing
Prioritising employee health and wellbeing can meet the diverse needs of your workforce, offering personalised support when it matters most.
This includes physical, financial and mental wellbeing.
Bravo Benefits can offer a holistic approach to health and wellbeing, including:
- Gym discounts
- Eye care vouchers
- Wellbeing coaching
- Employee Assistance Programmes (EAPs)
- Investment and Savings Advice
With the cost of living still a reality for many, it’s no surprise that employers are recognising that supporting financial wellbeing is a great way to retain and motivate employees.
Employee discount schemes such as retail discount schemes, car salary sacrifice schemes and Everyday Health Care cash plans are ways in which businesses can support employees in a very tangible way.
2. Benefits that engage and reward
Another group of benefits include those that are designed to reward and incentivise your employees. Issuing these benefits as gifts as part of a robust reward strategy can help improve employee morale, engagement and productivity.
These include:
3. Protect and insure
The third type of benefits includes those that aim to reduce financial and health risks for employees.
You can support your employees and their families through.
- Individual Plans: These include Private Medical Insurance, Health Screenings or Private Health Care.
- Group Plans: Such as Group Critical Illness, Group Income Protection or Group Life Insurance.
With such an array of benefits on offer, deciding what to invest in can feel overwhelming. This is especially true when you have budget constraints and want to maximise your return on investment.
As such, Bravo Benefits is unique in that we offer a consultative approach, allowing you to navigate the complex terrain of employee benefits right from the get-go.
Employee benefit consultants: the key to navigating the terrain
We firmly believe that crafting a successful employee benefits solution starts with a thorough understanding of the unique needs of every employee.
Our dedicated employee benefits consultant capitalises on their wealth of experience and expertise to propose top-notch plans and services, delivering optimal value at an affordable price point.
We remain vigilant regarding industry trends, including emerging technological choices and evolving regulations, to guarantee that your plans consistently stay current and effective.
Talk to one of our benefit consultants today.
Crafting a benefits solution for 2024
Employee benefits are not just about ticking checkboxes.
As you embark on this journey, consider these forward-thinking approaches.
1. Customisation is key
Instead of settling for a one-size-fits-all approach, tailor benefits to meet the diverse needs of your workforce. Consider unique offerings that resonate with your employees.
2. Wellness initiatives
The importance of wellbeing has never been clearer. Integrate wellness programs into your benefits package, promoting both physical and mental health.
If you’re not sure where to start, maybe our wellbeing audit tool can help. Audit your existing wellbeing provision, identify areas to improve and find solutions that might help with our nifty tool. Download now.
3. Technology integration
Obviously, everyone who starts out on their benefits journey worries about the administration involved. However, gone are the days when having a bespoke package of benefits requires reams of extra work to administer them.
Modern technology allows benefit providers to make administration easy. Digital platforms act as central hubs, bringing benefits together in one place and allowing administrators to monitor usage and accessibility. These online tools ensure all employees - wherever they are - can access their benefits easily.
Find out how Bravo’s Smart Hive can make a real difference to your benefits implementation.
Elevate your benefits game in 2024
As you navigate the challenges and opportunities of 2024, employee benefits emerge as a powerful tool in standing out from the competition.
Employee benefits are not a mere addition; they are a strategic imperative.
Remember that employee benefits are an investment in your most valuable asset—your people.
