The Top Four Employee Benefits That Every Employer Should Consider

The jobs market is a competitive one at the moment, but not in the way that many might assume. Despite a difficult financial situation for both workers and businesses, it remains a jobseeker’s market; that is, the demand for workers outstrips the supply of work, and workers are in a powerful bargaining position when it comes to taking on roles.

For the average business, this makes recruitment a much more involved endeavour than otherwise. With workers in a better position to navigate the labour market, businesses need to offer competitive rates of salary and competitive employee benefits. But what employee benefits are most conducive to improving job satisfaction?

#1 – Company Car

One of the more attractive employee benefits, particularly to new recruits, is the provision of a company car. Private transport is unavoidably expensive, and with the current cost-of-living crisis, many workers have had to make difficult decisions regarding driving. Company cars enable workers to offset these essential costs, making their provision well worthwhile. For the business, contract hire agreements coupled with contract hire gap insurance ensure that costs are both minimal and protected in the long term.

Offering a company car can have positive impacts on recruitment, where jobseekers from farther afield are more likely to apply. This can increase the talent pool available for a given role, while simultaneously attracting a higher calibre of workers.

#2 – Flexible Working

Since the coronavirus pandemic, the UK’s working population has become more keenly aware of what is possible within the constraints of full-time work – particularly where remote or hybrid work is concerned. The enforcement of lockdown rules in 2020 and 2021 served as a field test for the efficacy of remote work systems and arrangements and proved beyond reasonable doubt that such arrangements were not only possible but beneficial, for both employer and employee.

Meanwhile, experiments with the shape and length of the working week have continued to pay dividends for participating businesses. Compressed working weeks or four-day weeks have improved employee morale and had little to no impact on productivity. Adopting the option for remote or hybrid work, or leaving the door open to flexible working hours, can attract employees and improve the mental health of existing employees.

#3 – Professional Development

An employee’s decision to work with a given business is not necessarily dictated entirely by financial remuneration. The development of a career is an active, involved and personal endeavour, which is directly informed by where one chooses to work. As an employer, investing the development of someone’s career enables them to extract more value from the business, with positive impacts for employee retention and quality of work.

#4 – Employee Recognition

This is a small benefit and a simplistic one at that, but it can also be instrumental in retaining staff. Recognition of employee contributions, however large or small, can ensure that staff members feel seen and valued. Regular company-wide emails acknowledging notable employee contributions is one route to this, while investment in non-financial bonuses and rewards can inspire continued performance from awardees and their colleagues.