When attracting new employees, there is usually a limit to the salary that can be offered by the company. However, remuneration doesn't end at monthly pay packets — in fact, employers can do much more to retain and attract the best talent.
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A diverse benefits package
To cater for all employees, a diverse benefits package needs to be on offer. Benefits should appeal to employees at various stages of life, seniority and pay grade. This will not only appease those currently employed, but will also attract great new talent.
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Depending on personal circumstances, employees will appreciate different benefits, meaning employers need to take extra care to ensure that all team members are catered for. From childcare to transport schemes and after-work socials, it is important to consider the different priorities of the workforce. For example, Citi Bank recently opened a hub based in Malaga for junior bankers that wanted to take advantage of warmer climates and a more alluring lifestyle. However, this may not appeal to someone more established in their career that had responsibilities and ties to a specific location.
Support through the cost-of-living crisis
Assessing a company's benefit package has become increasingly necessary as the cost-of-living crisis deepens. Businesses should be considering how to ease the stress and financial burden placed on employees, particularly as we approach winter when household bills are expected to skyrocket.
With the typical household energy bill predicted to reach $2,500 this winter, employers have a responsibility to help their team, particularly if they work remotely or in a hybrid system. People should be offered the opportunity to work from an office should the price of heating and lighting their homes become too high. If an office environment is not available, employers should be considering offering financial support packages to ease the strain on workers.
Financial education as a benefit
Our research found that the most popular benefits amongst employees are financial well-being, mental well-being and child support. As the cost-of-living crisis deepens, the desire for financial well-being support is particularly interesting. With 88% of employees stating that they would be interested in an employer that offered financial well-being programs, it is evident that employers have a growing responsibility to offer financial education.
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Financial well-being support is a benefit option that can be helpful for people in all stages of life. From graduates entering the workforce, to those considering their pension options later in life, everyone can gain from having access to sound financial guidance.
The impact on work performance
Interestingly, despite financial well-being programs ranking as the most important employee benefit in our research, employers are two times more likely to offer mental well-being programs. Whilst the importance of mental health services is undeniable, employers need to recognize that financial and mental well-being are intrinsically linked.
In our research, 50% of employees reported being worried about their financial situation, and importantly for employers, 86% said that money worries impact their work performance. If employers are to have a healthy and productive workforce, greater consideration needs to be taken of financial well-being and education.
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However, this does not only apply to financial well-being support. Offering appropriate benefits that take the individual needs of the team into consideration, will improve work performance and overall job satisfaction considerably.
Introducing financial well-being support
Employees will significantly benefit from being offered the opportunity to advance both their financial literacy and confidence. With 15% of the population lacking in the basic knowledge to understand their day-to-day finances, according to our
