Changes in the job market have been fuelled by a number of events affecting companies and their workforce, from coronavirus to an increased cost of living. As things stand, the UK’s job landscape is something of a seeker’s market, making it incumbent on businesses to put themselves in the best possible light to guarantee filling positions. As such, many are re-addressing their company policy on workplace benefits – but what are they, and how exactly do they benefit a business?
Workplace Benefits – An Overview
Workplace benefits have constituted a part of many employees’ onboarding packages for years now, as a means of providing amenities and programs to aid them in the course of their work, and to reward them in part for their work. The kinds of benefits a company might offer vary widely from industry to industry, but common workplace benefits include company cars to subsidise work-related travel, private health insurance to cover employee illnesses expeditiously, and the provision of food and drink on given days of the week.
Sought-After Office Perks
The needs of employees have changed in recent years and months, and the pandemic has introduced new challenges to businesses and workers alike. One of the major perks that workers look for in a new business is that of autonomy over office presence – more succinctly put, hybrid working arrangements. With anxiety over the spread of coronavirus rife, whether on public transport or in office environments, and with the cost of travel rising for many, the option to work from home is a welcome prospect.
Another office perk worthy of considering is that of a private mental wellbeing program, bolstered by your HR department. Online and cloud-based wellness services are available for an organisation to subscribe to, which can act as a useful safety net for employees struggling with work-related stress, burnout or home-related issues which may be affecting their productivity.
The Benefits of Offering Office Perks
Incorporating company benefits in your employee contracts is not just an effective way to manage morale and productivity, though it is a major advantage conferred by the practice; perks such as private health insurance coverage and mental health support ensure your staff cohort remain happy and healthy, and reduce your staff turnover or downtime from illness. It is important that you set aside a budget for employee benefits – whether from expenses or through allocation your business growth loan, for reasons which are about to become clear.
Not only do employee perks work for the benefit of your existing staff, but also for potential future staff. Company perks are an excellent way to advertise your business, and to entice higher-calibre candidates to new positions or openings you may have available. The attraction of higher-quality candidates allows you to grow your business utilising new energy and expertise, putting you a step ahead of competitors for relatively little cost.
