3 Reasons To Rethink Your Employee Benefits Scheme
To stay ahead of the curve in an intense market, businesses must keep pace with changing employee priorities. A crucial part of this is to re-examine the current employee benefits scheme to align with evolving needs and expectations.
Traditional, outdated benefits are no longer cutting it. Just like customers, employees are looking for a great experience from the business and take a holistic approach when choosing – and remaining in – their role. Employee benefits schemes now play a larger role than ever in this. Employees are 70% more likely to stay at their organisation if they’re satisfied with the benefits offer, yet over a third (34%) don’t believe their current package meets the mark.
Now that 80% of employees would choose additional benefits over a salary increase, businesses must ensure their offer stands out in a noisy market.
So, what are the key drivers behind this? We explore 3 compelling reasons for HR leaders to stop and rethink their current employee benefits scheme.
- A changing workforce.
Did you know that by 2025, Millennials will make up 75% of the global workforce? This demographic shift brings with it a significant evolution in employee priorities that businesses must address if they want to remain in the race for the best talent. Traditional, outdated employee benefits are no longer resonating with this growing majority. To hire, and importantly retain, their future leaders, employers must evolve their benefits packages to offer meaningful and creative perks that reflect a growing, modernised breadth of needs.
- The rise of diversity and inclusion.
It’s no longer just about attracting talent – it’s about keeping them. And to do this, HR leaders must champion an inclusive workplace that supports diverse, multi-generational teams to be their best. Yet worryingly, only 27% of HR leaders anticipate their wider D&I agenda to influence their current benefits offer. But one size no longer fits all, and businesses offering rigid, narrowly focused benefits risk losing their best people. Rethinking traditional benefits packages is crucial for enabling employees of all backgrounds to access schemes, services and support that will meaningfully empower them to unleash their potential at work – and for businesses to truly deliver on their D&I commitments.
- A noisy market.
Engaged employees are 87% less likely to leave their roles. And as the competition to hire and retain the best talent intensifies, it’s not surprising 47% of HR leaders are prioritising employee engagement this year. But to sharpen the employer value proposition (EVP) and stand out from the crowd, businesses must leverage their employee benefits scheme as a fundamental pillar of their employer brand. Particularly with restrictions on pay rises due to budget cuts, a comprehensive and competitive package will differentiate a brand from the rest in a noisy market.
Give your people more.
Rippl’s reimagines traditional employee benefits. Our streamlined and dynamic digital benefits catalogue is personalised to your business and can be accessed anytime, anywhere by everyone in your organisation.
Just a few of Rippl’s benefits include:
- Discounted vouchers to over 150+ UK retailers
- Access to 24/7 GP and mental health services
- Cycle to Work scheme
- Green car salary sacrifice scheme
- Financial wellbeing and support
- Employee Assistance Programme
- Childcare vouchers
- Health cash plan
- Holiday buy back
- Salary advance
- Tech scheme
- Discounted gym membership
Chat to us about how Rippl can revolutionise your employee benefits scheme.