A recent survey found that 70% of UK workers would consider leaving their current job. Up to 24% are actively seeking new opportunities and 46% are passively looking. This is a huge percentage of your workforce that could be looking around for a better deal. And with the high cost of recruitment, employee retention has never been so crucial.
The same study found that 62% of UK workers do not believe they are valued at work. This is a huge disconnect from the 56% of employers surveyed who believed their workforce did feel valued.
You might offer your staff a 5% pension contribution (3% over the employer minimum), early finishes on Fridays and an amazing Christmas party. So why are you losing good employees?
1. They don’t know what you’re offering.
Your employees may not know about the tax-free cycle to work scheme, local discounts or your financial advice offering - much less how to make use of these perks.
2. They don’t know how it benefits them.
Your employees might know that you offer life insurance. But they might not understand that this means £50,000 to a person of their choosing to help avoid financial difficulties should anything happen to them.
3. They don’t know what their benefits are worth.
For perks that aren’t 'money in your pocket', it's easy for staff to forget how much they gain from them. Flexible working hours could save your employees money, or it could improve their quality of life, fitting work around their lifestyle. And that can be just as important.
4. They don’t want the benefits you are offering.
Do you have quite a young office? Life insurance might not mean much to them. Perhaps you could consider swapping that for discounted gym memberships. Maybe you live in an area where places at an NHS dentist are few and far between and your workforce would benefit much more from dental cover than local discounts.
At Corinthian, we offer Total Rewards Statements which helps an employer listen, inform and show the value to employees.
• Listen - listening and understanding what matters to your employees. A local Corinthian representative can offer advice on how to decide which benefits your employees will benefit from the most.
• Inform - informing your staff of the benefits that you are providing them. Corinthian’s Total Rewards Statements include a white-label online portal. Employees can log on and clearly see everything offered to them.
• Show the value – to make sure your staff can see the value of everything you offer. For example, with the Total Rewards Statements, all employee benefits are given a monetary value to helps employees think of more than just their salary when they consider what they gain out of working for you.
Having benefits your employees want, see and understand will help them feel valued and improve employee satisfaction and retention.
To find out more about Total Rewards Statements and how they can benefit your company, speak to a Corinthian consultant today.
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