The world of employment is changing
Business owners have long realised that in order to achieve the growth that they desire, they need to find and keep the very best staff. To do this, employers must now offer more than the opportunity to work, and employee benefits companies are on hand to assist them in doing so.
To run a successful employee benefits company, it's vital that you stay ahead of the trend (and your competitors!) to offer your clients the rewards and benefits that their staff desire. This can be tricky, but we’ve outlined three key changes that you should take into account when creating rewards and benefits packages for your clients.
According to the Office for National Statistics, employment rates are now the highest they’ve ever been since records began, however the number of available vacancies has also been rising since 2012. In short, this means that the job market is the most competitive it’s ever been.
With so many companies competing for the best talent, it’s never been more important for employers to stand out from the crowd - and this is where your employee benefits company comes in.
Employers are actively looking for new ways in which to attract and retain the strongest candidates for their positions, and old fashioned gifts like shopping vouchers no longer make the grade. For your company , think instead about rewards that are truly memorable and special, and consider giving rewards that are not available elsewhere to truly get the edge on your competitors.
For the first time in history, there are potentially five generations in the workplace from Traditionalists (pre-1946) up to Generation Z (post-1997). This causes employers a headache, as trying to find rewards and benefits that appeal to each age group is a difficult task to manage.
As an employee benefits company, it’s important that this pain is alleviated through your services and each generation’s different desires are catered for. A good way to make sure that all needs are met are to offer rewards that give employees the choice on how to use them.
For example, by offering discounted cinema tickets as a reward, employees have full choice as to what they watch. Millennials and Generation Z staff might want to watch the latest blockbuster in the cutting edge 4DX, whereas older generations may choose a different viewing experience altogether.
Long gone are the days where staff are simply happy for the opportunity to work - people need to feel as though they are achieving, and more and more they feel the need to be acknowledged for this achievement.
Employee benefits are now an expected part of the workplace, and companies will soon find that they are losing their top talent if they aren’t keeping up in showing their appreciation of staff’s hard work.
Consider offering your clients smaller, more cost effective rewards that they can issue to their staff frequently in order to keep up motivation levels. Of course, larger rewards should be accounted for for big workplace successes, but these smaller rewards serve as a way to consistently meet your client’s staff expectations, without them having to break the bank.
Employee Benefits Free Download
To help your company stay ahead, we’ve put together a free download “How to take your Employee Benefits company to the future and beyond”. We cover the benefits of experience over financial reward, the difference between long term and short term rewards/benefits and more.