Aka Employee Benefits

Employee Benefits

With the cost of living crisis, Employee benefits packages are more important than ever. They allow workers to take care of themselves and their families, make salaries go further, help with future planning, foster healthy work environments, and make workplaces more enjoyable all around. What's not to love? What will your business gain from offering a company benefits package?

Benefits packages do a lot more than just provide employees with perks. Businesses that offer harmonised employee benefits packages get to reap their own set of rewards.

Save money

Just to kick things off, employee benefits schemes have actually been shown to save employers money. A 2020 Buck survey on financial well-being and voluntary benefits found that employers experienced savings as a result of:

• Employee attraction and retention (62%)

• Behavioural change (45%)

• Reduced health and welfare consultation (15%)

• Administration (10%)

So, you'll get healthy, happy employees and save your business some money in the process. Not a bad deal.

Attract top talent

The job market is competitive nowadays, and your business will need to do more than offer an attractive salary in order to attract the best talent out there. Now more than ever, job seekers are looking for a competitive employee benefits package when weighing up their job options. A 2018 Glassdoor survey even found that 60% of respondents considered perks and benefits to be major factors when considering a job offer.

Glassdoor also found that some of the most in-demand benefits for top talent are flexible working hours, medical, dental, and vision insurance, retirement benefits, life insurance, and well-being programmes.

Retain employees

Employee benefits packages aren't only useful for recruiting employees; they're also important when it comes to current employee retention. Investing in employee benefits makes workers feel taken care of and increases their overall satisfaction and morale. They'll also feel more loyal to your company and be less likely to look elsewhere for a better job offer.

Tellingly, a 2018 Willis Towers Watson employer-employee satisfaction survey found that 78% of employees were more likely to stay with their current employer due to their benefits programme. Meanwhile, 41% of participants in a 2019 Unum study reported that they'd be likely to look for a new position with better job benefits.

Increase employee engagement

Generally, employee engagement refers to the relationship between an employee, their company, and their colleagues. In a best-case scenario, all of the above should form a sort of community that's passionate, committed, connected, and truly feeds off one another. It's not easy to cultivate but it’s key to long-term success.

It might come as a surprise, but increasing employee engagement can actually be done via employee benefits packages. This is because they foster a trusting, sustainable relationship between employee and employer and contribute to a healthier work environment overall.

Ready to level up your employee engagement strategy?

Nurture company culture

Company culture is what you stand for. It encompasses your mission, values, objectives, characteristics, attitudes, and even best practices. Great company culture extends beyond how your company is perceived - it should be reflected in your day-to-day operations.

A rich company culture doesn't come out of anywhere though. It needs to be nurtured and refined over time, which will trickle into all the different aspects of your business. For instance, if your company is all about mental health and well-being, then these should be prioritised internally and externally time and time again... like in your benefits package.

Essentially, it doesn't make sense to run a company that's passionate about mental health and well-being if you don't offer similar benefits to your own employees.

It's key that you keep this in mind when choosing your own employee benefits scheme. Be sure to identify what's important to your company and how you'd describe your company culture. Then, select benefits and rewards that are consistent with that.

Why Aka Life Coaching employee benefits vouchers

Ultimately, most companies want their employees to feel happy, healthy and motivated. Employee benefits packages are one of the most important tools to help make that a reality. Once your company offers great benefits and rewards, you’ll see a richer, more positive company culture and work environment in the long term.

If you're looking for a customisable, employee benefits solution that'll meet your employee's exact needs, look no further.