What do employees value the most?

The unprecedented challenges of the last three years have led many to scrutinise their work-life balance. Consequently, businesses are having to work harder than ever to attract and retain talent, and the employee experience is a big priority. For organisations re-evaluating how they support their workforce, David McCormack, CEO of HIVE360 shares insights on what today’s workforce value the most.

The last few years have caused many of us to sit back and reflect on how we spend our time. When it comes to working, the pandemic opened many people’s eyes to a more flexible approach to work and a more significant focus on their own mental wellbeing.

Dubbed the ‘Great Resignation’, many people took the decision to look for a new career path, others to find a role with greater flexibility, so they can live life on their terms and achieve a better work:life balance.

With the well-documented war for talent on top, businesses must now differentiate themselves from the competition, alongside working hard to recruit and retain the right people.

For 42% of workers* benefits and perks are an important sign of a good employer, and proven to be a powerful tool in recruitment and retention strategies. The key lies in creating an employee benefits package that employees want – so what do employees value most?

Financial security

Financial security is firmly at the top of the priority list. Paying staff a fair wage that reflects their work and allows them to live without worrying about finances, is something every employee should be entitled to.

With the cost of living crisis threatening the wellbeing of many, investing in people is an investment in the business. The importance of employee financial wellbeing, and providing extra financial benefits that employees value most, make staff feel supported.

HIVE360’s employee wellbeing and benefits app Engage features an extensive, robust suite of solutions, from debt and money management guidance to payroll information, payslips, pension performance and vital pay documentation, available in one place, 24/7.

Work-life balance

Employee wellbeing is one of the top challenges for employees. It is closely linked to staff recruitment, retention, and their levels of productivity and engagement.

Flexible hours are worth more in value to many employees than extra cash in their payslips. In a 2022 study, 59% of 5,000 employees said control over work location and their hours was more important than a higher wage — highlighting how much employees value flexibility.

Supporting a healthy work-life balance by offering flexible working can actually save money and increase the bottom line. While staff still need the all-important financial security, if their work-related outgoings are reduced, their wage won’t need to be as high.

Other benefits employees value most

MetLife UK recently reported that 50% of workers would accept a lower salary for perks that suit them, meaning a comprehensive employee benefits package is something every business must prioritise.

Engaging with staff and making them feel valued is one of the fundamentals of a good business. If employee benefits boost job satisfaction, productivity naturally follows.

Other benefits highly valued by employees include:

• Wellbeing support: Regular mental health check-ups and wellbeing sessions can boost staff health and reduce stress. According to recent figures, around 40% of employees wish to leave their role because of inadequate mental health support, so this is one benefit employers can’t afford to ignore.
• Discount schemes: Collaborating with other businesses and retailers that can offer staff exclusive discounts as part of their employee benefits is a great option, because actively helping employees to save money makes them feel genuinely valued.
• Comfortable working conditions: No one likes working in a stuffy, dirty environment, so there is real value in making the workplace a comfortable, inviting place.
• Positive office culture: Encourage a positive work culture that focuses on diversity and inclusivity — if your staff are happy, the business will benefit.
• Skills boosts: Offering staff opportunities to progress and boost their skillsets with training programmes as part of their employee benefits scheme, means staff don’t feel stagnant. By laying out a clear career progression path with training and development included, your team will feel valued and supported.

HIVE360 enables businesses to improve employee engagement and wellbeing with its unique approach to payroll outsourcing and employee wellbeing and support.

It is a specialist outsourced PAYE payroll, employee benefits and engagement company, which ensures full HMRC, RTI, GLAA and IR35 compliance, and provides expert, compliant and reliable PAYE payroll support and comprehensive employment administration for businesses, recruiters and recruitment agencies, their workforce and candidates.

HIVE360 provides its customisable employee benefits and wellbeing package via the unique Engage Employee Benefits app as standard to businesses that outsource payroll and employment administration to the company. Available in 120 languages, Engage includes My Health, My Money, My Discounts, and My Work features and has an average of 100,000-plus user sessions each month, with average levels of user engagement of around 85%.

For more information, visit: https://www.hive360.com/payroll-pension-perks/

Sources *WLW ’22 | Gympass