Competition to find and keep the best talent is fierce. It’s fierce in the voluntary sector, the private sector, the public sector too.
And offering a competitive employee benefit package is becoming inextricably linked to winning recruitment and retention strategies.
Moreover, research shows us that recruitment and retention objectives now have the biggest influence on employee benefit practices. CIPD’S 2018 Reward Management survey found that voluntary sector organisations were acutely aligned on this, especially on fulfilling existing requirements. When asked about these key influencers, the sector was the most likely to cite attracting, recruiting and retaining employees to support current business needs at 73%. Understanding the perks staff most value is crucial to attract, nurture, engage and motivate the people that deliver your vision and organisational goals.
Working in the voluntary sector is rewarding and inspiring. It’s about more than just earning money and employees find satisfaction and value in the work they do. However, they need to feel valued too. Charities and other voluntary sector organisations understand they can’t simply rely on dedication and commitment and they are making big strides on improving salaries and perks to keep talent in the sector. Let’s get back to the CIPD research on this. The study found that the voluntary sector was already strong on financial benefits. For example, 89% of respondents provided a pension scheme and 85% offered paid leave for bereavement. However, the sector offered little choice on benefits – 63% offered employees no choice at all.
There could be an untapped opportunity here to provide a more tailored approach to respond to demand for a personalised experience. People value being able to choose the benefits that best fit their lifestyle, health and wellness needs. Offering discounts and savings on things like gym membership, childcare vouchers, cycle to work schemes or a quick trip to the cinema all help to make salaries go further. They also help to forge a strong culture of reward and recognition. For organisations with a limited reward budget they can be a cost-effective solution to show your people you care.
Employees also value their time. There could be a further opportunity here for voluntary sector organisations to make more use of digital platforms and tools so team members can easily access the benefits and perks available to them. The CIPD research found that the sector was least likely to rely on an IT system to facilitate employee benefit choice, either solely or in combination with another approach. A specialist solutions provider could again be a big help here for organisations without the resource or budget to invest internally.
What do your employees value?
We’ve looked at just a couple of approaches and trends to help you gauge whether your benefits plan is aligned with what your employees most value. How are you doing things? If you’re looking to introduce employee benefits, or update your plan, let’s talk to see how we can help.