When you first set up your business and hire staff to join the team, you typically set up an employee benefits package that suits your budget. Some employers choose lavish benefits in order to attract top talent while others stick to the basics. An employee benefits package is much more important than you might think, and many employers are rethinking theirs in 2020.
In this article, we are going to discuss some of the signs that you need to change your employee benefits package. If you can relate to any of these, make the changes now.
Your Staff Are Unmotivated
Having an unmotivated workforce can be very hard to deal with and it can get in the way of progress. If you find that your staff are unmotivated then this might be a sign that you need to change your employee benefits package. With a new package, you can motivate staff to stick around and perform better when they are there.
You Haven’t Made Changes in Years
When was the last time that you checked your employee benefits package? Many employers are not entirely aware of what they offer staff as the system has been in place for so long. If you haven’t made any changes to your package in years, then it might be time to take a closer look at it. You could find that the benefits are outdated and don’t even comply with new regulations.
Your Employee’s Needs Have Changed
Another sign that you might need to change your employee benefits package is if your employee’s needs have changed. For example, you might have initially hired young graduates who had no responsibilities. Now, they might have families that need to look after and further needs that you could be helping with. If you can adapt your package to include childcare vouchers and other tailored benefits, make sure to do it.
Your Benefits Aren’t Flexible
It is really important that you are offering benefits that are flexible, in order to give everyone what they want. If you find that your current benefits package is not flexible, then this might be a sign that you need to make some changes. The good news is that there are flexible benefits providers who can make things a bit easier for you and help to implement this kind of package. Have a look online and see if this is the kind of thing you can offer.
Your Competitors Are Offer More
The final sign that you might need to change your benefits package for your employees is that your competitors are offering more. The last thing you want is to have your valuable team members move to a position in another company because they can get more there. You should always be checking up on your competitors to ensure you don’t lose your team to them. Match their benefits or improve upon them and this will keep your team around for longer.
If can relate to any of the signs that we have discussed in this article, then it might be time to make some changes. Offering a tailored and flexible employee benefits package is key to keeping your staff motivated and increase productivity in the workplace. Make sure to take on board all of the advice that we have given you and this should help you to get started.
Remember to get some feedback from your team along the way and this should help you to come to the right decisions.