Attracting and retaining top talent requires more than just a good salary. High-performing individuals are also looking for comprehensive benefits packages. As HR managers and employers, understanding what makes a robust benefits package is crucial. At Mase Consulting, we offer salary benchmarking reports to help you stay ahead and ensure your benefits package stands out.
Why a Competitive Benefits Package Matters
A well-designed benefits package shows your employees they are valued, which helps with both recruitment and retention. According to the CIPD’s Good Work Index 2022, the main reason people want to change jobs is to find better pay and benefits elsewhere, and this is still the case in 2024. Offering a competitive package can improve employee health, reduce stress, and create a positive work environment.
Key Components of a Competitive Benefits Package
Health Insurance
Private medical insurance is a highly valued benefit. It provides employees with fast, high-quality care. Offering a tailored health insurance policy that fits your budget and meets your employees’ needs can greatly enhance your benefits package.
Flexible Working Arrangements
It is not secret that since the Pandemic, more and more businesses are turning to flexible working arrangements. Remote working, flexible hours and four-day working week have become increasingly popular. Studies have shown that flexible working helps people maintain a healthy work-life balance, which will reduce employee stress and boost their satisfaction.
Pension Contribution Matching
Offering pension contribution matching shows your commitment to your employees’ long-term wellbeing. As the state pension age rises, this benefit can help attract and retain experienced staff.
Paid Sick Leave
Generous sick leave ensures employees feel supported during illness, reducing stress and financial worries. Group income protection insurance can offer financial support during extended absences due to illness or injury.
Mental Health and Wellbeing Support
Supporting your employees’ mental health is vital. Including mental health coverage in your health insurance, providing access to counselling services, and offering Employee Assistance Programs (EAPs) can significantly improve your employees’ wellbeing and productivity.
Employee Discount Schemes
Discount schemes can help employees save money on everyday expenses, from cinema tickets to gym memberships. These perks enhance their overall compensation package and contribute to financial wellbeing.
Here are some examples of Employee Discount Schemes that you can implement into your business:
Extra Holiday Allowance
Providing additional holiday allowance beyond the statutory minimum can help employees achieve a better work-life balance. Options such as unlimited paid leave or offering extra days off for special occasions like birthdays can make your benefits package more attractive. With 41% of workers choosing extra holiday allowance as their top choice, it’s definitely one to consider when building your compensation package.
Support for Parents
A study from REC parenting found that 93% of working parents in the UK felt that having employers that are supportive to parents is ‘important’ or ‘very important ‘when they consider a new role.
Benefits that support working parents, such as child care assistance, paid parental leave, and flexible working arrangements, can attract skilled workers who might otherwise be out of the workforce or working below their potential due to family commitments.
In the same study, 67% of parents said they did not get enough employee benefits, with 46% of these admitting they have left, or thought about leaving, a role because of this. Keep this in mind when thinking about what to offer your employees.
Death Benefits
Providing group life insurance and bereavement leave offers peace of mind to employees, knowing their families will be supported financially in the event of their death. This benefit can enhance your reputation as a caring and supportive employer.
Professional Development
Investing in your employees’ professional development through training, mentoring, and tuition reimbursement can improve job satisfaction and retention. Employees are more likely to stay with a company that offers opportunities for growth and career advancement.
Utilising Salary Benchmarking Reports
At Mase Consulting, we understand the importance of staying competitive in the job market. Our salary benchmarking reports provide valuable insights into what other companies in your industry are offering, not only on salary, but benefits and compensation too. By comparing your compensation and benefits package against industry standards, you can make informed decisions to attract and retain top talent.
Our reports highlight key trends and benchmarks, enabling you to identify gaps and opportunities in your current offerings. With our data-driven insights, you can confidently design a benefits package that meets the needs of your employees while staying competitive in the market.
For more information on how we can help you create an effective benefits package, contact us at 0161 870 5000 or info@mase-consulting.com. Together, we can build a benefits package that attracts top talent and keeps your workforce engaged and motivated.
