It’s been reported that up to 75% of UK white collar workers are currently considering leaving their jobs or changing their careers[1]. This period of the year where staff reflect on their job situation and look at what they want out of a role, often leading to large numbers of job moves, has been dubbed ‘The Great Resignation’[2].
Further to that, the research, conducted by Censuswide, also found that up to 57% of staff in desk, professional and managerial positions were experiencing low morale and 18% thought their employers did not care about their mental wellbeing[1].
The result leaves employers needing to evaluate their benefits packages and look at innovative ways to retain their staff. Reasons that employees leave their posts can range from issues such as staff burnout, lack of flexible working, poor benefits and a negative working culture.
About more than money
We know that renumeration does not start and end with the pay packet. Studies have shown that employee benefits have a part to play when it comes to attracting and retaining talent. Data published in December 2021 revealed that 40% of staff who quit their job say a better employee benefits package would attract them to a new employer[2].
But it’s not just about the quantity of benefits available. It’s clear that workers want meaningful offerings that will contribute to a better work-life balance. A report published by Talent Insights in November 2021 found that 83% of employees would turn down a job that didn’t offer flexible working for one that does[2].
The minimum is no longer enough
Employees are wising up to what could be on offer to them almost two years after the pandemic began. Free drinks, fruit bowls and dress-down policies do not have the same pull as they may have done prior to 2020.
Some key things to consider when taking employees’ wellbeing and value proposition into consideration are:
- Benefits around medical insurance, group life policies and mental health support are likely to be much higher on the agenda now.
- Enhanced sick, maternity and paternity pay may also be great pulls for those looking to move into a role where they feel their wellbeing is prioritised.
- Wider benefits around childcare and eldercare matter. This may not necessarily be in the form of vouchers but at least having flexible working options available to help staff maintain work-life balance.
- Past this, you could give employees the option to pick and choose benefits that work for them, whether that be through retail vouchers or holiday buy back schemes, for example.
