Several well-known employers have recently hit the headlines after introducing new work perks designed to support employees through key life events. Helen Molloy looks at what organisations should consider if they want to follow suit.
Last year saw a growing number of organisations introducing policies aimed at promoting the health and happiness of their workforce by supporting them during milestone moments or health-related events.
For example, Saga, which focuses on serving the needs of those aged 50 and over, now provides staff with paid leave after becoming a grandparent. Online retailer Asos was among a number of employers to introduce a range of policies designed to support employees going through the menopause, or experiencing pregnancy loss.
The importance of employers promoting the wellbeing of their workforce has risen up the business agenda over the last few years. As well as being associated with higher levels of employee productivity and retention, and lower levels of staff sickness and absenteeism, developing a company culture with a strong wellbeing focus is becoming increasingly important from an employer brand perspective.
Standing out
In a jobs market where there’s currently a significant shortage of skilled candidates, employers that fail to provide an attractive benefits package in addition to a competitive salary may struggle to attract and retain the talent they need.
Reward and benefits
Having certain types of work perks in place can also help brands to stand out in the marketplace and appeal to the kinds of candidates that they want to attract.
This issue of workforce wellbeing has particularly come to the fore during the pandemic, shining a spotlight on the importance of mental health awareness.
The rise of remote working over the last two years also means that flexible working arrangements, such as remote working and flexible hours, are increasingly being considered a standard employment benefit.
Beware the bandwagon
While reviewing and updating their benefits package could bring a number of business benefits, it’s vital that employers don’t simply jump on the bandwagon.
Instead, they should bear in mind the ongoing cost implications of any new work perks introduced, and carefully consider whether they’re financially viable.
Before overhauling their benefits packages, businesses may wish to consult with employees to find out what they actually want.
This will also help them to ensure any new perks are fair and benefit the majority of the workforce.
For example, we have seen some companies introduce a ‘pawternity leave’ policy, entitling staff to a week’s paid leave when they welcome a new pet. However, such a policy may be perceived as unfair by those who can’t or don’t want to get a pet.
Contractual or discretionary?
Before introducing new policies or making changes to existing ones, employers must also be clear about whether benefits are contractual or discretionary in nature.
Contractual benefits usually require the business to commit to an ongoing cost, so employers should ask themselves whether this is affordable in the long term before committing.
Of course, varying any existing contractual benefits will also require the agreement of the employees following consultation, albeit introducing improved benefits packages will rarely cause any issues.
While famous brands are frequently making the news for introducing new and creative work perks, it’s worth remembering that these are usually large organisations that can afford to do so; similar policies may therefore not be appropriate or affordable for smaller businesses.
As such, it’s vital to ensure that any new policies are proportional to the financial position of the organisation and in line with its overall strategy. Of course, there are a number of more usual benefits that can be included.
More traditional financial benefits such as share schemes, bonuses and maternity pay are still welcome, through to health and wellbeing benefits, such as duvet days, gym membership, employee assistance schemes and flexible working. But that is not to say that smaller businesses cannot also think outside the box.
Clear communication
Effective communication is also key to introducing new policies and benefits effectively.
Often, employees don’t understand the benefits they do have access to. Work perks should be a part of HR strategy and employers should be creative when introducing them.
Before overhauling their benefits packages, businesses may wish to consult with employees to find out what they actually want.
This should involve clearly setting out their terms and ensuring this information is accessible by the entire workforce. This could include a mixture of staff “champions” who can discuss the options with their teams, presentations to staff and communications by email and/or notices.
Flexible work perks not only have the potential to support employees’ wellbeing and work-life balance, but also the organisation’s commercial performance.
As such, recent high-profile examples should inspire employers to think creatively about the work perks they introduce in the future.
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By ensuring they reflect what the workforce really wants and are financially viable, businesses can refresh their benefits packages without having a negative impact on their operations.
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