Creating a Competitive Employee Benefits Package: Top Tips

A competitive benefits package is increasingly becoming a critical part of attracting and retaining talented employees. In today's tight labour market, a comprehensive employee benefits plan can help to build a positive company culture and set you apart from the competition. In this article, we'll provide some tips on how to create a benefits plan that attracts top talent.

According to Willis Towers Watson, 75% of employees are more likely to stay with their employer because of their employee benefits package.

1. Conduct Research on Benefits Packages

To develop an effective employee benefits package, it's important to conduct research on what other companies in your industry are offering. Look at the benefits packages of successful competitors, as well as industry leaders, to get a sense of what your potential employees might expect. You can also conduct surveys or focus groups with current employees to determine which benefits are most important to them.

2. Consider Your Company Culture

When developing a benefits package, it's important to consider your company's values and culture. For example, if your company values work-life balance, you might consider offering flexible work arrangements or a generous vacation policy. On the other hand, if your company values career growth, you might consider offering tuition reimbursement or opportunities for professional development. If safety is important to you, particularly if you have a lot of lone, remote or high-risk workers, you might want to provide your workers or commuters with a lone worker safety solution.

3. Offer a Comprehensive Benefits Package

A comprehensive benefits package should include a variety of benefits that meet the needs of employees with different requirements and backgrounds. Examples of company benefits include:

• Health insurance
• Dental and optical insurance
• Retirement plans
• Flexible working
• Duvet days
• Gym memberships
• Fruit deliveries
• Wellness programs
• Lone worker safety devices or personal safety applications
• Childcare vouchers
• Cycle-to-work schemes
• Employee assistance programs
• Professional subscriptions
• Life insurance

4. Communicate Your Benefits Package

Once you've developed your employee benefits package, it's essential to communicate it effectively to potential employees. Make sure your benefits are highlighted on your website and in job postings. During the interview process, be sure to discuss your benefits package and answer any questions candidates may have. Remember, the best candidates may choose their roles based on the perks of the job.

5. Continuously Review and Update Your Benefits Package

Finally, it's important to continuously review and update your benefits package to ensure it remains competitive. Monitor industry trends and consider making changes to your package to stay ahead of the curve. Additionally, solicit feedback from current employees to identify areas where you can improve. What would make them feel happier, safer or more valued?

In summary, a well-crafted employee benefits package can be a powerful tool in attracting and retaining top-tier talent. By conducting research, considering your company culture, offering a comprehensive benefits package (think outside the box!), effectively communicating your benefits, and continuously reviewing and updating your package, you can develop a plan that sets your company apart from the competition.

For more information about how to incorporate a personal safety device or app into your employee benefits package, please contact us.