It is no news anymore that the war for talent is booming, at the same time more and more people are resigning from their jobs. According to a research conducted by Microsoft with over 300,000 employees across Europe, 40% of the people are either contemplating to quit or are already certain that they are going to quit.
As Anna Brandt, co-founder of INVESTED and former Head of Talent Acquisition at Mollie and Uber, puts it in our latest Bold&Beyond event: ‘Benefits are no longer a ‘’nice to have’’ but a fundamental part of your business strategy’.
The importance of employee benefits
Offering benefits to your employees is important because it shows them that you are invested in not only their overall health but also their future.
Besides attracting and retaining employees, the right company benefits can also help differentiate your business from competitors. The pandemic has introduced the workforce to new ways of working which significantly impacted what they expect from the modern workplace. Never before have so many people resigned from their jobs.
According to a research conducted by Euronews, resignation increased by almost 17% in Europe during the pandemic and shows no signs of slowing down. There has been a cultural change regarding people’s priorities which makes it very difficult for companies to secure the best talent. Contrary to popular beliefs, people who decide to quit are taking this decision based on their desire to improve their quality of life, not to increase their salaries. Research has shown that the main reason why people quit jobs in the past was a low salary, however, Qualtrics Study found out that now the top two reasons why people are leaving or switching jobs is stress and burnout. One way to improve employees’ quality of life is by providing employee benefits. What these benefits might look like can differ per company, however millennials, which will make up almost 80% of the workforce in just 20 years, have a clear idea of what the modern workforce should look like: More flexibility and benefits that really matter. Let’s take a closer look at the different types of employee benefits.
The different types of employee wellbeing benefits
Financial wellbeing benefits.
According to research 56% of employees worry about their financial situation, mostly concerning topics like saving for the future and credit card debts. However, contrary to what most business leaders believe, financial well being is not about paying higher salaries anymore. True financial wellbeing is offering your employees insurance and incentives programs. Research done by The Business Group Health shows that financial counselling services and tools aimed at budgeting, saving, and investing is something employees want – with 85% of those surveyed saying they would participate in a financial education program provided by their employer. Providing financial well-being benefits does not solely impact your employees: financial worries can lead to more stress and poor work performances, avoiding this can improve productivity and employee satisfaction.
Family wellbeing benefits
A comprehensive family well being benefits program is necessary to meet the needs of a modern, 21st century workplace. SHRM (the Society for Human Resource Management) provided a few reasons why:
- Companies providing family well-being benefits such as maternity and paternity leave have a higher change attracting the right talent
- Family well-being benefits has shown to positively improve the mental wellbeing of employees
- Employees who have access to family wellbeing benefits tend to have a higher engagement level than employees who do not.
Family wellbeing benefits have become a lot broader than offering maternity and paternity leave. It includes a wide spectrum of programs from fertility benefits all the way to nanny services for new parents.
Educational benefits aim to support employees in their future careers by providing workshops, courses or even study programs. These types of benefits have shown to be especially important for millennials or new starters in the job market. Well planned educational benefits have proven to increase not only employee satisfaction, but also employer satisfaction. Lastly, helping your employees establish better future careers also helps with customer trust.
The war for talent has always led companies to innovate in their recruitment processes, and one of the main solutions to closing the talent gap has been providing mobility benefits in order to source talents from different locations. Another way mobility benefits can help attract talent is by providing more possibilities for people with physical disabilities.
Long ago, mobility benefits looked like offering expensive and luxurious cars. Yet, the modern workforce has long moved past this stage. Modern mobility benefits now look like Uber credits or public transportation reimbursements but also bike leasing options.
The importance of family wellbeing benefits
In our recent poll on LinkedIn, 60% of the participants thought family wellbeing benefits to be the most important contributing factor to company culture. .
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