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It could be said that a job for life is a thing of the past.
Unlike generations before us, where it was common for young workers to secure a job until retirement, a large amount of people are now looking for something more than what could be called a predictable and safe career with one employer.
It is known that in 1996, half of the UK workforce had worked with the same employer for more than 5 years. In 2015, the same number intended to stay in their job for 3 years or more, and only 17% of people could see themselves working for their current employer until retirement. But how much can a good benefits package attract new talent, engage current employees, improve well- being and stop stars from finding a new place to shine?
It is reported that more than 60% of staff now say that they are more likely to stay with an employer for longer if they offers a good benefits package.
Benefits such as; a good pension or shares scheme, ISA, medical insurance, childcare vouchers, gym memberships and a company car or mileage allowance help employees plan for old age, unexpected events and help them to save money. Employers can also have the advantage of creating happy, committed employees, and benefit from an easier recruitment process created by a more attractive position. It is the little things after all that can make a big difference in showing employees that they matter.
But what about the expression “money isn’t everything?”
At different times of life, and in different family situations, different things are important. When creating or reviewing a benefit package, employers need to consider the demographic of their workforce and employees need to think about whether the benefits they have are the right ones for them.
For some, like myself, self development and a happy place to work is more important than anything else. Sure money is attractive, however, I’d much rather be secure in the knowledge that I am happy going to work every day.
For an employer, a productive environment is one where their employees are happy to be there too. Return on investment is high on the agenda when considering personal development in the workplace.The best way to retain happy, long term employees could be by investing in a strong benefits plan that offers self development tools, as well as perks that keep enthusiasm and motivation high.
Blog written by: Leigh David, Reward Recruitment Consultant at Williams Kent Ltd
20th December 2017
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