Why communication is key to selling your company's hidden benefits
When it comes to looking for a new job, great benefits are increasingly a priority for employees. Indeed, a study reported by People Management shows that more than half of 18- to 34-year-olds believe a good benefits package is the most important thing they look for when searching for a job.
Moreover, Canada Life found that more than a third of UK workers, equivalent to 10.8 million people, have been swayed to accept a job because of a competitive benefit, perk, or company policy.
If you own or run a business, offering superior benefits can help you attract and retain the very best talent. However, there’s no point in offering a suite of benefits if your team doesn’t understand the perks that are available to them.
So, read on to understand why communicating the benefits you offer is so important.
Your first step – building an attractive benefits package
With millions of workers prioritising employee benefits over salary, ensuring you have the right perks to attract and retain staff is a vital first step.
Examples of popular and valuable benefits include:
A competitive pension scheme. As well as making generous contributions, offering “salary sacrifice” options, access to advice, and a wide choice of investment options can help employees engage with their retirement savings.
Flexible/remote working. Offering hybrid or remote working can help to widen your geographical net for great staff and encourage applicants with caring responsibilities.
Income and life protection. Financial benefits such as “death in service” or income protection can provide a valuable safety net to employees.
Access to financial advice and support. This might be through a free session with a financial planner or access to informative webinars and educational content about financial planning issues such as pensions, protection, mortgages, or saving.
Other options, such as healthcare cash plans, retail discounts, subsidised gym membership, childcare vouchers, or the Cycle to Work scheme, can also be great tools for hiring and retaining staff.
Communicating the benefits is essential
Having a superb choice of benefits can give you a competitive advantage in the job market. However, does your team understand the perks they have access to?
A study reported by Business Matters reveals that fewer than half of employees (44%) feel they have a good understanding of the health and wellbeing benefits available to them.
The research also found that only three-quarters (78%) of firms actively encourage their teams to use the benefits provided.
This means there are many companies where the investment in benefits may not be fully understood, appreciated, or utilised.
As an employer, there are many methods you can use to communicate employee benefits. Business Matters reveals the most popular are:
Staff welcome pack (35%)
Information on the first day of employment (33%)
Staff handbook (31%)
Staff noticeboard (29%)
Email campaigns (29%)
Company intranet (28%)
Promotional days run by advisers/providers (26%).
Being proactive about the way you communicate benefits has two main benefits. Firstly, in simple terms, it can ensure that engagement and awareness of the perks available are as high as they can be.
Second, messaging that references the positive benefits of working for your organisation also builds and reinforces the culture you want to create.
If you want to shout from the rooftops about your staff benefits, here are some innovative ways you can do this:
Workshops and webinars. Live meetings enable workers to ask questions and to engage with the specific benefits on offer.
One-to-one meetings. Discuss key benefits with staff in one-to-one or review meetings and remind them of the perks they can access. Train your managers to talk about benefits and encourage them to reinforce their role as part of an individual’s compensation.
Posters. If your business is mostly based on-site, eye-catching posters and displays in well-populated areas can intrigue them into discovering more. This can work even better if you include a QR code where staff can find further information.
Create a benefits hub/portal. Create an internal hub where employees can access and utilise their benefits. The easier you make it for them to access the perks, the more likely they will be to use them.
Asking your team for feedback about the benefits available and how best to share information can also generate interest. Moreover, asking team members to share stories of how they have used the benefits can resonate with colleagues.
Get in touch
If you have any questions about how you can enhance or better communicate your employee benefits package, speak to us now. Please contact us to talk about what we can do for you.
Please note
This article is for general information only and does not constitute financial advice which should be based on your individual circumstances. The information is aimed at retail clients only.
Salary sacrifice arrangements should be appropriately documented, including an agreement letter signed by the employee, except where it is written into the employment contract. In addition, you need to ensure that your employee payslips can display the amount of the salary exchanged.
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