Better benefits could improve recruitment and retention

An
increasing number of employers think flexible benefits packages improve staff
recruitment and retention levels.

According
to research by employee benefits consultant, MX Financial Solutions, only 1 per
cent of employers feel their employees are extremely satisfied with their
current benefits package.

It
found that 74 per cent of respondents think there is scope for change with
their current benefits scheme, with 40 per cent saying introducing more
flexibility to their benefits could engage employees into the business and 32
per cent saying it would increase retention rates.

Several
respondents – 14 per cent – acknowledged that flexible benefits can be a good
way of incentivising staff in the current economic climate of low pay
increases.

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Despite
these results, 31 per cent have not considered introducing a plan. The two main
perceived barriers were cited as cost (66 per cent) and administration (23 per
cent). However, a quarter of respondents do not know where to go or what to do
to implement flexible benefits schemes.

By
Roisin Woolnough