If you’re reading this, then you know that employee benefits are as good for your business as they are for your employees. But if the rest of your business isn’t onboard yet, then it might help to write a business case for employee benefits.
In this post we’ll show you how.
What Problems Could Employee Benefits Could Help Solve?
First, identify what problems your business currently has which specific employee benefits or a benefits package could help to solve. This might include:
- Recruitment and Retention – This is something that all businesses of all sizes can struggle with. Recruitment can cost a lot of money, and you might struggle to attract the best candidates in your sector. Many businesses also struggle with employee retention. If you’ve got a high staff turnover, then it may feel like you’re constantly spending time and money on recruitment, which will make it very hard for your business to grow.
- Engagement and Productivity – Maybe one reason you’ve got high staff turnover is because your employees just aren’t engaged in their work. They don’t believe in your business’s values, and they’re not invested in your company goals. And if your employees don’t care, then they’re unlikely to try very hard at their jobs. Your productivity will suffer.
- Employee Health and Wellbeing – If your employees aren’t engaged, then they probably won’t be very happy in their roles. But they may feel stressed and anxious in the workplace. In the long-term, stress is very bad for your health. There may be a direct link between your unhappy employees and the number of days your business loses to unplanned absences.
How Much is Staff Turnover, Unproductivity and Poor Employee Heath & Wellbeing Costing?
Next, try and put a price on these problems:
- According to research by Oxford Economics and Unum, staff turnover costs businesses an average of £30,614 per employee. This includes an average cost of £5,433 for every employee you need to replace, plus recruitment agency costs, onboarding and training, and the loss of productivity you experience as the new employee takes time to learn their role.
- Research by Totaljobs found that unengaged and unproductive employees cost British businesses up to £143 billion a year.
- Deloitte estimated that poor mental health in the workplace can cost employers up to £56 billion a year.
You can strengthen your business case for employee benefits through providing specific figures for your business. For example, how many new employees did you have to recruit over the past year, and how much did you spend, in total, on each one? And how much of the unplanned absence in your workplace can be attributed to mental health issues?
How Can Employee Benefits Help Overcome Problems
Then outline how employee benefits can help your business overcome these problems:
- Recruitment and Retention – A good employee benefit package will help you attract and retain the most talented employees in your sector. This means you’ll spend significantly less on recruitment. You’ll also lose a lot less productivity to employee churn, and to onboarding and training new recruits.
- Engagement and Productivity – Employee benefits can show employees that you care – that you value their efforts, and that you’re invested in their health, happiness, and wellbeing. This may help employees feel more engaged in their work. Which means they’ll be more dedicated to their jobs, they’ll make fewer mistakes, and they may even go that “extra mile” to helping you work towards your company goals.
- Employee Health and Wellbeing – Offering healthcare packages as an employee benefit can mean that you’ll lose fewer days to unplanned absences. Plus, benefits that contribute to employee wellbeing, such as cycle to work schemes and subsidised gym memberships, can help your employees feel overall healthier and happier. They’ll feel less stressed, they’ll be less likely to burn out, and you may notice a further boost in productivity and job satisfaction.
Highlight The Sorts of Employee Benefits That Could Deliver These Results
- Healthcare Insurance – Let your employees get fast-tracked 24/7 access to a range of healthcare services. This alone can contribute to a healthier and happier workforce. But as the UK’s currently facing long waiting lists to receive any sort of health appointments, a healthcare insurance plan can provide essential peace of mind, making this one of the most popular and effective of all employee benefits. If you want a benefit that will help with staff recruitment and retention, look no further. Learn more about business health insurance plans.
- Dental Insurance – Let your employees access fast, effective, and affordable dental care as soon as they need it. The waiting lists for dental appointments are just as bad as they are for other types of healthcare appointments, and not everyone can afford private treatment. Giving your employees comprehensive dental cover will give them one further way to look after their wellbeing, and one more reason to choose to work for you instead of your competitors. Learn more about dental insurance as an employee benefit.
- Travel Insurance – Give your employees comprehensive cover for any travelling they do, either as part of their job or outside of work. This will really demonstrate that you’re committed to their health and happiness, which could result in a boost to engagement and productivity. Learn more about travel insurance as an employee benefit.
Flexible and Tailored Employee Benefit Schemes From Capacity Insights
Whether you’re looking to build an employee benefits package from the ground up, or you wish to change or add to your current package, we’re here for you. We can tailor a benefits package scheme that truly meets your needs at a price you can afford.
Get in touch to find out how we can help you offer the best possible employee benefit package.