It will come as no surprise that increased earnings tops employee wish lists, and ensuring salaries are kept in line with inflation will certainly help to retain employees, but you will need to do more to differentiate your business and develop a reputation as a leading employer.
Appreciation is key, employees want to feel valued and a carefully considered benefits package is a positive first step.
Employee Retention and Recruitment
A London based technology company with approximately 200 employees, appreciated the value of their most important commodity – their people.
Historically thier Group Pension Scheme acted as a good differentiator within their sector, but with the implementation of Auto Enrolment they lost the edge and started to lose employees to competitors.
Generation Employee Benefits undertook a benchmarking exercise. Working closely with employees to ascertain exactly which benefits would add the most value. Keeping affordability in mind, Generation helped to develop a benefits package which for location and industry was market leading.
Taking into account the age of the workforce – predominantly between 30 and 40 years of age – increased flexible working practices were implemented, alongside a new, tiered Private Medical Insurance Scheme, the employer pension contribution was increased and a death in service scheme included.
The benchmarking exercise highlighted that lack of access to information acted as a barrier to employees feeling included and valued. Therefore Generation suggested the introduction of a benefits information platform and a range of voluntary benefits, including access to health and wealth help lines.
The project was successful with 60% uptake on voluntary benefits over the year, and 87% on private medical.
The new package of benefits reduced employee turnover and also made recruitment in the competitive London market easier.
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