Why Employee Benefits Are So Important

#teammonday Employee Benefits Sign

Employee benefits are like the cherry on top of the work sundae. They not only help you lure and retain top talent, but are also proven to boost happiness and motivation in the workplace.

75% of employees reported they’re more likely to stay with their employer because of their benefit program.

What exactly are employee benefits?

So, you know when people talk about employee benefits? Well, it’s basically those cool extra things that companies give to their employees on top of their regular salary. It could be things like prizes, high street vouchers, discounts on top brands, health insurance, extra annual leave, cycle2work schemes, or even a sweet retirement plan. Basically, it’s all the perks and goodies that make working at a place even better!

The Importance Of Employee Benefits

The importance of employee benefits cannot be underestimated. The answer to “why are benefits important to employees?” is simple: everyone likes – and needs – to feel rewarded for their hard work. A good benefits package can make employees feel appreciated, whilst also supporting their everyday life outside of the workplace.

49% of employees will start looking for a new job within 12 months if they’re dissatisfied with the benefits offered.
United Insurance

One of the most important reasons to implement a benefits package is mental health – a subject at the forefront of every day life. Public Health England released a report back in 2019 which highlighted just how crucial this is, with 1 in 6 employees in the UK reportedly having a mental health condition. Being happy at work drastically reduces the impact mental health can have on stress, depression and anxiety. And a comprehensive rewards package can help with this by showing you care.

Here are just 5 other reasons why employers should care about employee benefits;

  1. They attract top talent
  2. Boosts morale and productivity
  3. Improves your companies reputation
  4. Better work/life balance
  5. Job satisfaction

It’s pretty much a no-brainer, right? Well you’d be surprised to learn that a recent study found that only 36% of employees report their organisation as having some sort of recognition or benefits system in place. Whilst there has been a slow increase in these types of initiatives being rolled out in recent years, it’s still something that often gets forgotten about.

Man cycling to work - cycle2work scheme from employee benefits
Photo by Jordan Brierley on Unsplash

Some Key Employee Benefits You Could Be Providing

  • Sales Incentives
  • Recognition Portals
  • Childcare Vouchers
  • Cycle2Work
  • Gym Membership
  • Discounts
  • Mindfulness Programmes
  • Regular Social Events

If you’re looking to implement a new employee benefits or rewards platform, we can help. Active have over 30 years’ experience delivering a wide range of incentives, and whether you’re looking for an off-the-shelf product, or something totally bespoke, we’d love to help. Get in touch today to find out how we can help make this dream, a reality.

Want to learn more? Check out our other blog post on how reward and recognition programmes can create a positive working culture.