HR Software Menu Icon
HR Software

Easily manage employees in the office or working remotely.

Core HR

Menu Icon Employee Records Management Employee Records Management

Menu Icon Leave Holiday Management Leave & Holiday Management

Menu Icon Menu Icon Certification Tracking Certification Tracking

Menu Icon Signatures Signatures (Click-to-Sign)

Menu Icon Employee Check-ins Employee Check-ins

Menu Icon HR Reporting Insights HR Reporting & Insights

Time & Attendance

Menu Icon Time Tracking Attendance Attendance Tracking

Menu Icon Time Sheets Project Tracking Timesheets & Project Tracking

Menu Icon clockout Clock-in / Clock-out

Menu Icon Abscence and sick leave management Absence Management

Menu Icon Compliance Reporting Compliance & Reporting

Menu Icon Payroll Ready Reports Payroll-Ready Reports

Recruit

Menu Icon Applicant Tracking Applicant Tracking System (ATS)

Menu Icon Candidate Management Candidate Management

Menu Icon Recruitment Analytics Recruitment Analytics

Newsletter Menu Icon
Newsletter

Sign up and get free access to the HRLocker Monthly Newsletter, packed with up-to-date HR content!

Education

Blog_Menu_Icon_new Blog

Webinar Webinars

Podcast Podcasts

Downloads Downloads

Support Forum Support Forum

FAQ_Menu_Icon_new FAQ

Calculators

ROI Calculator Return on Investment Calculator

Holiday Calculator Holiday Calculator

Bradford Factor Calculator Bradford Factor Calculator

Digital Maturity Calculator Digital Maturity Calculator

Employee ROI Calculator Employee ROI Calculator

Our Story Icon
Our Story

Helping organisations create workplaces where people do their best work.

Company

Careers Careers

Sustainability Sustainability

Diversity & Inclusion Diversity and Inclusion

Awards & Accreditations Awards and Accreditations

Partners

Partners HRLocker Partners

We provide the tools, training, and support you need to deliver real value to your clients while growing your own success.

General Enquiry General Enquiry

Got a question? We’re happy to help – reach out to our team.

Customer Support Customer Support

Need assistance with your account? Our support team is here for you.

Schedule a Sales Call Schedule a Sales Call

Book a quick sales call with our team to chat through your needs.

Book a Free Demo Book a Free Demo

See HRLocker in action – request your personalised demo today.

Becoming a Partner Become a Partner

Interested in partnering with HRLocker? Let’s explore opportunities.

Employee Benefits – The Answer To The Great Resignation

The hybrid working model seems to be here to stay. Employers are trying to find ways to attract talent in an employee-driven marketplace, with many introducing employee benefit packages as a means to entice and retain. And it seems to be working. Employee benefits are proving to be a huge draw for potential hires. Companies that have introduced employee benefits have been shown to increase productivity and company loyalty.  

What Are Employee Benefits

First of all, let’s quickly discuss what exactly flexible benefits are. We all know the standard conventional benefits such as maternity leave, pension schemes and sometimes health insurance. Employee benefits are an extension of these with the addition of more diverse benefits such as gym memberships, cycle-to-work schemes and even pre-natal classes.  

The main reason behind employee benefits is giving your employees the freedom to choose which benefits they would personally prefer based on what suits them at that stage in their lives. It shows the company cares about the employees and is proven to increase talent attraction and retention in the company. The employee feels more in control and content within the company and it builds a healthy relationship between the two.  

Having benefits such as gym memberships, cycle-to-work schemes etc. available for employees can have a positive knock-on effect on the business. For example, Exercise is known to have a positive effect on health both physically and mentally, this will reduce absenteeism and save money in the long run. 

 

How Can I Implement Employee Benefits in My Business

Step 1

One of the first steps is to assess your business and see if employee benefits will suit your employees and the work environment. Following this, you must then decide if you want to implement the new benefits system yourself or outsource it to save time, many online consultants do this. You must then take note of what you hope to achieve from the benefits plan, this is important to assess whether or not the new system has worked. 

Step 2

If you choose to develop your own employee benefits plan, you must decide how you wish to calculate the cost of the benefits. You must ask yourself: how much of the costs with the company cover?  

Will the employee be expected to pay a percentage towards the benefits? If so, how much?  

After careful consideration, you must then decide how much you are going to put aside for each employee’s benefits. There are two ways of doing this, you can either put aside a percentage for each employee, based maybe on how long they’ve been with the company or you can decide to implement a flat rate for each employee, no matter how long they’ve been with the company.  

Step 3

You must now choose which benefits you would like to have for employees to choose from. It is important to create a diverse list in order to suit any employee at any stage in their lives. Some examples may be: 

  • Health Insurance 
  • Bike-to-Work Scheme 
  • Childcare Subsidy 
  • Gym Membership 
  • 4-day work week
  • Flexible working
  • Additional Leave 
  • Store Discounts 
  • Dental  
  • Pension Benefits 

Step 4

Deciding on the method of enrolment, hardcopy or an online form to fill out? You must also decide and outline the terms of the employee benefits. Things such as a change of mind or a change in the employees’ circumstances may lead to them wanting to change their benefits plan. Employers must outline the terms and conditions before the employees sign onto the new plan. You must then promote the new employee benefits plan throughout the company and make the employees aware of it. 

Step 5

Evaluating the success of the benefits plan. Following an adequate amount of time elapsed with the new benefits plan in place, circle back to step one and see if it is on track to obtaining your original goal.  

 Overall, employee benefits help create a better employee experience, making your business a more attractive place to work. Also, if your current employees are getting more from their employee benefits, they’re much more likely to refer talented candidates to you to fill new roles.

Employee Benefits – The Answer To The Great Resignation was last modified: July 22nd, 2024 by Jenny Martin

Book a Demo