Buck Bond Group
12 blogs of Christmas: Does your benefits strategy attract top talent?

12 blogs of Christmas: Does your benefits strategy attract top talent?

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“To win in the marketplace, you must first win in the workplace.”

The available talent pool is in high demand, with post-pandemic cultural shifts exacerbating movement in the job market. In the aftermath of COVID-19, there has been an increased emphasis on overall wellbeing; as a result, employees are expecting more from their benefits. In order to attract and retain employees, companies are under more pressure to create a working environment that supports employees’ current needs, as well as their future aspirations. While there are many moving parts that go into achieving this, one of the most important areas to focus on is delivering a meaningful benefits strategy. To yield maximum impact, it is also crucial that communications related to employee benefits are delivered effectively and appropriately.

Employee benefits help talent choose their preferred destination
As we find ourselves in a candidate-driven market, employers are facing a growing challenge in attracting the top talent that they need to grow their businesses. One way to ensure that your company gains a spot on any job seeker’s shortlist is to offer them an attractive employee benefits package, that not only meets their current needs but is flexible enough to meet those in the future, as priorities change.

Talent retention
Companies offering employee benefits which are tuned in to meet the needs of their demographic will have higher retention rates. More so than ever before, employees are looking for companies to invest in and care for their wellbeing. A well-designed, fit-for-purpose benefits strategy encourages wellbeing and employee satisfaction. This increases the likelihood that employees will advance their careers within the same company, when there is a sense of loyalty and support going both ways.

While talent acquisition costs may be obvious, better employee retention can also reduce the more hidden costs of discontinuity in the workforce. These include time invested in employee training, as well as decreased efficiency that can stem from less-established working relationships and cohesive teamwork. When looking at the level of investment required to sustain a valued benefits program, the opportunity costs of not maintaining one should also be considered. This can allow for a more balanced approach to any net investment costs.

A happy employee is a more productive employee
Employees care about their career, their community and their ability to grow within their chosen career – where they feel valued. Spending time designing a benefits programme that meets their needs is a crucial part of making employees feeling cared for, leading to greater engagement and productivity. Here are some steps that employers can take to improve the efficiency of their benefits strategy:

  • Align your benefits offering to support your long-term business strategy and goals, and ensure that communications around your benefits are engaging and effective
  • Set measurable goals that you are looking to achieve
  • Plan your budget
  • Continue to learn about and monitor your employee demographics, and their changing needs and preferences (this includes communication methods)

Adaptability is an important feature of an effective employee benefits programme. As we see a growing focus on employee wellbeing, and employee demographics and priorities may be changing, employers can improve their outcomes by assessing the suitability of their benefits programmes, and considering where changes may be beneficial. Making appropriate changes, and communicating them effectively to increase engagement, can greatly assist employers when it comes to attracting and retaining employees.