Employee benefits: the driving force to your company’s success
Employee benefits packages are becoming increasingly valued by employees and can often be the deciding factor when it comes to accepting a job offer. With employees placing more importance on how their job can benefit their life, businesses that fail to implement compensation and benefit packages could be missing out on the top level employees they need to help drive their business forward and increase revenue.
Why are employee benefits important?
A successful reward scheme can inspire loyalty amongst your staff, encourage engagement with company values and help you retain your top performing employees. With increasing numbers of employees feeling under-appreciated and unmotivated, it is becoming vitally important that you build a workplace and a job package that helps to combat these negative feelings and make your company a great place to work.
Employees who feel valued and taken care of are more likely to stay with their company and therefore it is vital that your job packages consider an employee’s life outside of work as well.
Candidates are attracted to companies that offer flexibility and look after their health and financial future, so make certain that you are offering:
- Flexible working hours
- Healthcare benefits and stress management
- Generous maternity / paternity leave
- Pension schemes
How can I implement a successful reward scheme?
Enjoying an experienced HR professional or a compensation, benefits and rewards specialist can help you to successfully implement a compensation and benefit scheme that will balance what is important to your employees with what is best for the business financially.
Abilities you should look for in a professional are:
- Previous experience in implementing, reviewing and managing changes to CBR schemes.
- A working knowledge of employment law and HMRC tax to ensure legal compliance.
- Outstanding communication and interpersonal skills.
Whilst sometimes overlooked if your company is growing quickly, your compensation and benefits specialist can become one of the most important people on your team.
A successful CBR specialist will work to inspire loyalty and drive motivation throughout your company using their understanding of the needs and requirements of your staff. Most importantly, they will act as the main channel of communication between you and your employees, ensuring that everyone is working together to make the business as successful as possible.
Whilst it may seem a large expense, reward systems are vital to your ability to stay competitive within the market place, as your business needs the best staff possible in order to excel at what you do. Not only do the top compensation packages attract and retain the finest employees, but they also allow you the opportunity to be more specific about the skills and experiences you require to fill each position.
In short, the most successful compensation and benefits packages will work to attract top employees allowing you to focus on driving your business forward with a happy and productive workforce.
About the author: Ashleigh Harman writes for Portfolio CBR, specialists in recruiting for a range of roles and skill levels in the compensation, benefits and rewards industry.