The must-have employee benefits of 2024

The must-have employee benefits of 2024

Employers head into 2024 still struggling to retain and recruit staff. Benefits are the most cost-effective way to achieve this.

Your team is everything. No matter how good your product or vision is, or how many AI integrations you have managed, a dysfunctional team will still bring down your company – and a good one will make it soar.

But as we head into 2024 it’s clear that building that team is as hard as it has ever been. Worker shortages remain in many industries, and research suggests that talent is still quite mobile – taking on jobs, but then leaving them soon after. With interest rates and costs both stubbornly high, increasing pay for your team isn’t always an option. Benefits remain the most cost-effective option to attract and retain the best talent. 

More flexibility about pay timing

The UK largely runs on monthly pay cycles. But for an increasing number of people this pay frequency isn’t quite working – leaving them using services like Klarna or other financing options to meet short-term gaps in funding. 

Obviously monthly often makes a lot of sense for employers who might get their own payments every month, allowing them to smooth cashflow properly. But it’s clear that many people would like the option of getting paid every fortnight or even more often than that, if possible.

Many large employers in the US are exploring “instant wage access”. And there are services on the horizon that might help small businesses offer this kind of “instant” pay as well.

Workplace and Schedule Flexibility:

As the pandemic restrictions recede into the past many firms are moving to force their employers back into the office.

If you’re not so strict about requiring in-person attendance this can now give you a competitive advantage when hiring. Remember there is a big gap between allowing full-remote and allowing one or two days at home, which a lot of people now see as a non-negotiable. 

If you are making everyone come into the workplace, it is crucial to address that commute into work itself.

Making the commute greener and cheaper:

The shift to remote work made a lot of people realise just how much they were spending getting into work – either on public transport or in fuel for their cars.

If you work somewhere where driving is the main option for getting to work – i.e. if you have a car park – a salary sacrifice scheme for electric cars is a no-brainer. These schemes cost you absolutely nothing, but allow employees to lease electric cars with their pre-tax income, giving them huge savings. Our research shows young people are particularly keen on their employers reflecting their values, and showing that you care about sustainability is a great way to do that. It will also actually help with your company’s overall carbon footprint, which takes into account staff commuting.

If some or most of your employees use public transport or cycle, consider a Cycle to Work salary sacrifice scheme and a public transport voucher as well. There’s no reason you can’t offer a whole range of options to make the commute that much easier.

Annual Leave, Charity Days, and Retreats:

The trend towards a four-day workweek and early retirement indicates a shift in employee perspectives on how much time they want to give their employers. While this may pose challenges for some employers, we all have to admit that a motivated employee giving their best for 45 weeks is more valuable than a less motivated one over 47 weeks. And it is certainly a better situation than a vacancy you can’t fill. 

Most full-time employees are entitled to 20 days of regular annual leave and 8 days of bank holidays. Offering an additional five days of regular annual leave demonstrates a commitment to valuing employees’ time and well-being. Some companies go beyond, providing extra annual leave, birthday leave, and “charity days” where employees contribute to community service.

Company away days, while an investment, prove invaluable for allowing employees to unwind and engage in strategic thinking outside the typical office environment. While these perks might seem indulgent, they play a pivotal role in fostering a strong workplace culture.

Original Article: HRnews

Are you an employer or organisation that needs to hire talent in Bristol? Contact our digital recruitment specialist Gareth Allison on 02920 628808

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