The rising importance of employee benefits in the marketplace

It’s long been known that the candidate market is extremely competitive. Unemployment levels in the UK are at a forty-year low, and as a result, businesses are struggling to attract the best talent- with many turning to poaching talented candidates from rival businesses in order to fill vacancies and give their company the edge it needs to succeed in their respective industries.

How can you ensure that you remain an attractive prospect to job-seekers- and that you don’t lose candidates to other businesses?

The answer, increasingly, is having the right employee benefits package in place. Though salary remains, of course, extremely important if you want to attract and retain your top talent, a new generation is growing up and moving into our workplaces: millennials. And they have new priorities.

Indeed, today’s millennials are much more likely to favour employers that offer great employee benefits packages than they are to places with a great salary, or an exciting role. With healthcare more expensive than ever, good healthcare is top of the list across the world for conscientious employees- and for employers, too. After all, a healthy worker is somebody who can work longer and be more productive in the long term.

This new generation are also placing much more emphasis on the importance of work-life balance than any of their forebears, prioritising a healthier working style over promotions and higher-flying jobs. To this end, many businesses are also introducing flexible working programmes, as well as discounted gym memberships, to attract their staff- as well as career development programmes for this newly ambitious generation. Pension plans, once seen as a luxury, are now seen as old hat: today, people want more, and they’re voting with their feet.

 What has the effect been on the marketplace, thanks to this growing trend for better employee benefits? Many companies are investing in the services of Employee Benefits Consultants, who work with different businesses to ensure that they create an employee benefits scheme that suits both them and their employees. As a result, they can tackle poor employee engagement, and work towards creating a happier and more productive workforce. After all, several studies have shown that taking the time to invest in your employees’ happiness and productivity pays dividends, not only when it comes to retention rates, but also profits, your company culture and more.

With more awareness in the workplace, and better benefits for all, we’re seeing a sea change in working conditions across the UK.

Here’s to job satisfaction!

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