How to incorporate your benefits package into your EVP
In this blog, we'll discuss creating a comprehensive benefits package and how to go about embedding it into your Employee Value Proposition to attract and retain top talent.
14th May 2024
The perks and benefits you provide that go beyond monthly salary make up a big part of your EVP. It shows your employees that you genuinely care about their well-being, their future, and their work-life balance. And on top of that it helps you to attract, retain and engage top-notch talent!
Not only do benefits enhance job satisfaction and employee morale, but they also contribute to productivity, loyalty, and, most importantly, your company's bottom line. The power of perks should not be underestimated!Identifying the right benefits for your company’s EVP
When it comes to identifying the right benefits for your EVP, it's like assembling the perfect puzzle. You want to find those puzzle pieces that fit perfectly with your employees' needs and preferences. So, how do you go about it?
First things first, you need to understand your workforce inside out. Take the time to listen and gather feedback from your employees. Carry out anonymous surveys or interviews to get insights into their priorities and what would make a real difference in their lives. Make use of our employee satisfaction measurement tracker to help you get started.
Remember, one size does not fit all, so aim for a diverse range of benefits that cater to different needs. Also, keep an eye on industry benchmarks and trends to stay competitive and in the loop. With insight from your employees and data to support your decisions, you’ll be well on your way to creating an EVP that resonates with your employees and candidates.
Designing a comprehensive benefits package is like crafting a personalised gift for your employees.
Work-life balance benefits:
Work-life balance benefits are policies or practices that help your employees better manage their professional responsibilities alongside their personal lives. These benefits aim to create an environment where employees can achieve a healthy balance between work and personal commitments, ultimately leading to increased job satisfaction, productivity, and overall well-being.
1. Flexible work arrangements: These may include options such as hybrid, part-time, compressed workweeks, flexi hours, job sharing and shorter working weeks to help employees to adjust their work schedules to better suit their personal needs.
2. Paid time off: Offering generous vacation, enhanced sick leave, and paid time off policies allows employees to take time off when needed without worrying about losing income.
3. Enhanced parental Leave: Providing paid enhanced parental leave for new parents, including maternity, paternity, and adoption leave, supports employees in balancing their work responsibilities with the demands of parenthood.
83% of our top 100 flexified companies offer enhanced maternity and paternity leave and many companies such as Mars, Microsoft and Pelrego are leading the way.
4. Childcare support: Offering on-site childcare facilities, subsidies for childcare costs, or flexible childcare arrangements helps working parents manage their childcare responsibilities.
5. Sabbaticals: Sabbaticals might be taken for a number of reasons, such as to pursue academic goals, to travel, or to take a break from work to focus on personal growth. Emerald Publishing, Impression and Atom Bank are some of our flexified companies offering this benefit.
Health and wellness benefits:
Health and wellness benefits support your employees' physical and mental well-being. These benefits are designed to help employees lead healthier lifestyles, manage stress, and maintain overall wellness, both inside and outside of the workplace.
Examples of health and wellness benefits include:
1. Health Insurance: Comprehensive health insurance coverage for medical, dental, and vision care helps employees access essential healthcare services without financial strain.
2. Wellness programs: These may include gym memberships, wellness workshops, well-being allowances, mental health days, or access to employee assistance programs to support employees' physical and mental well-being. Tui, Seatfrog and Centrica are some of our flexified companies leading the way with this benefit.
3. Employee Assistance Programs (EAPs): EAPs offer confidential counseling and support services for employees and their families, covering a wide range of personal and work-related issues, such as stress, financial concerns, and relationship problems.
4. Health screenings and preventive care: Providing access to health screenings, vaccinations, and preventive care services helps your employees identify health risks early and take proactive steps to maintain their health.
5. Working from home allowance: When it comes to working from home, having the right equipment isn't just a luxury – it's a necessity. Your team spends a solid 8+ hours a day parked at their home desks. By giving them a work from home allowance you’re investing in your team's productivity, well-being, and overall happiness.
6. Cycle to work schemes: A cycle to work scheme is an employee benefit program that encourages cycling as a means of commuting to work. It allows employees to save money on the purchase of bicycles and cycling equipment while promoting a healthier and more environmentally friendly mode of transportation.
Retirement and financial benefits
Retirement and financial benefits are essential components of an employee's compensation package, providing long-term financial security and stability.
1. Retirement savings plans and pension schemes: These plans or pension schemes, allow employees to save a portion of their income for retirement. Contributions to these plans are typically deducted from the employee's salary before taxes, helping them save on income tax. Employers often match a percentage of the employee's contributions, enhancing the retirement savings.
2. Stock options or share equity: Some companies offer stock options or share equity as part of their compensation package. Stock options give employees the right to purchase company stock at a predetermined price, while share equity grants ownership stakes in the company. These benefits allow employees to share in the company's success and potentially benefit from its growth over time.
3. Financial planning and education resources: Employers may provide financial planning and education resources to help employees make informed decisions about their finances. This can include access to financial advisors, retirement planning workshops, online resources, and tools for budgeting, investing, and managing debt. By supporting employees with their financial well-being you can empower them to take control of their financial futures and make sound financial decisions.
Professional development and learning opportunities
Professional development and learning opportunities are important for employees to enhance their skills, knowledge, and capabilities, ultimately contributing to their career growth and success.
- Training programs and workshops: Look at offering training programs and workshops to help employees acquire new skills or improve existing ones. These programs may cover a wide range of topics, including technical skills, leadership development, communication skills, and industry-specific knowledge. By participating in training programs and workshops, employees can stay up-to-date with industry trends and best practices. Multiverse are a great example of how to embed learning into learning culture.
- L&D Budgets: Flexified companies like HowNow offer their employees a L&D budget to help them take upskill and continue to develop. Investing in continuous learning and development puts you in a better position to recruit and retain top talent.
- Mentorship or coaching programs: Mentorship or coaching programs pair employees with more experienced colleagues who can provide guidance, advice, and support. These programs help employees develop new skills, navigate challenges, and advance in their careers. 4. Internal career advancement opportunities: Providing internal career advancement opportunities allows employees to progress within the organisation and take on new challenges. This may include opportunities for promotion, lateral moves to different departments or teams, or project leadership roles. By offering internal career advancement opportunities, you can retain top talent and create a culture of continuous growth and development.
Your goal is to create a well-rounded benefits package that addresses various aspects of your employees' lives, ensuring they feel supported and valued beyond just their work responsibilities.
This means offering benefits that go beyond traditional compensation and health insurance. It involves considering everything that will impact the well-being of employees, including their physical health, mental well-being, financial security, and professional development.Find out how to embed your benefits package into your EVP
Your benefits package is undoubtedly a crucial part of your Employee Value Proposition (EVP), but it's just one piece of the puzzle. Your EVP encompasses everything that makes your organisation unique and appealing to current and potential employees. It's about the entire employee experience, from the work environment to opportunities for growth and development.
To create a compelling EVP, you need to focus on multiple pillars that contribute to a positive workplace culture and employee engagement. For a deeper understanding of these EVP pillars and how to leverage them effectively, access our latest EVP Masterclass. In this masterclass, you'll gain insights into each pillar and learn strategies to strengthen your EVP, attract top talent, and retain your best employee
