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Effective Employee Benefits Don’t Have to Cost Much

28 October 2019
Mark Friend
Payroll, People

Work life balance and flexible working benefits may be more valued than some of the more expensive employee benefits offered by some businesses.

Google is well known for providing their staff with everything from free food to onsite gyms, while Netflix has joined the bandwagon of firms offering unlimited holidays. What those employers demonstrate is that in the war for talent, large businesses are prepared to invest heavily in order to attract and retain the best people.

Competitive pay and good benefits still factor into an employee’s decision to join and stay at a firm. However, the market is starting to focus on offering some other key benefits. In order to truly enjoy their jobs, employees must feel that their employers want to provide them with what they need to be successful in both their professional and personal lives. A recent study by Mercer identified three factors that employees are looking for in a company:

Flexibility

The nine-to-five workday is outdated. Regardless of industry type, flexibility is incredibly important to employees who are trying to get their work-life balance right. Firms that offer employees flexibility in the form of remote working, flexible schedules and the technology to work from anywhere are attracting the best people. Flexible working has also been linked to reduced levels of workplace stress, better employee well-being and increased productivity. The best firms have created a culture of trust. They trust their employees to self-manage and get the job done.

Health and Well-Being

Workplace wellness initiatives show employees that their employers truly care about their health and well-being. To be successful, employee wellness programs need to be customised and include a wide variety of wellness initiatives such as fitness activities, onsite health screenings, providing standing desks and regular ‘lunch and learn’ sessions. To truly make a commitment to employee health and wellbeing, employers need to lead by example and create a culture of wellness across the whole firm.

Working with a Purpose

The next generation of talented employees are coming up through the ranks and they want to work for a firm with a purpose. They are willing to give up fancy offices and free coffee in exchange for getting to work on more fulfilling projects that make a difference. Modern employees want to feel their work is contributing to the greater good of society. In order to create a sense of purpose for your team, you should create a company vision, develop a reward and recognition system that encourages the right behaviour and educate your employees as to how their job impacts the firm, its customers and the wider community.

If you are looking to restructure your team’s remuneration structure then please talk to your manager at Friend & Grant about the potential tax implications. Many of the items detailed in this article are tax exempt whilst others could give rise to benefits in kind which will be liable to tax.

The content in this blog is correct as at 28/10/2019. See terms and conditions.

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