Attract-Motivate-Retain: The 4 Employee Benefits that will keep you ahead of the competition

Employee benefits are a powerful tool in your recruitment arsenal. The right benefits package can help you secure new talent in the face of heavy competition and encourage young talent to stick with you long term. 73% of employees say a wider benefits package that better reflects their needs would keep them in a role for longer. You can also use your benefits to motivate and engage your workforce. Happier workers who feel valued are more productive, more creative and inspired to give you their all. That’s why it’s important to keep up to date on the latest trends in employee benefits so you can be sure you are offering a package that appeals.

What do employees want from employers in 2023?

In 2023 employee benefits are less about perks like office games and free snacks and more about the tangible contributions employers can make to their employee’s work-life balance.

Another major trend in employee benefits is the idea of personalisation. By offering a wide range of benefits, employees can tailor their benefits packages to their own personal needs. Allowing their benefits to grow and change depending on their circumstances and requirements.

The best way to find out what benefits are most attractive to new hires, and which would have the most impact on retention would be to survey your existing workforce. They can tell you what would matter most to them, with the added bonus of boosting engagement!

4 in-demand employee benefits to attract and retain top financial services talent

While pay and bonus packages remain the top priority for financial services professionals, compensation alone isn’t enough to retain talent or to attract highly skilled in-demand employees. A recent Forbes survey found that 40% of employers think that workers prefer roles that offer better employee benefits.

So what can you offer to beat the competition and appeal to, and keep, financial services employees?

These four employee benefit trends are proving popular in 2023:

Flexible ways of working

Flexible working remains high on many employees’ list of priorities when it comes to benefits. You can offer a variety of flexible working options to suit your business from flexible hours to fully remote. Flexible working benefits can be a great way to give employees a sense of responsibility and autonomy around their work and can be used to support groups with caring responsibilities return to work.

Flexible working benefits can include:

• Remote and Hybrid working models
• Flexitime
• Greater and more flexible holiday allowances
• Additional support with childcare
  

Professional development and career advancement

Employees want to know that their employer is as invested in their career as they are. Alongside a clear career progression map, you should be offering employees benefits tailored to growing their skills and developing their expertise. Upskilling and reskilling your workforce can help you keep your recruitment costs low and tailor your employees skills to your business needs.

Consider offering:

• Mentorship schemes
• Regular in-house training and skill building opportunities
• Stipends and days off for outside courses and personal development
• Access to industry events, conferences and talks

Health and wellness

Many employers already offer some form of health insurance as a benefit that employees can opt into if they choose. However, in 2023, healthcare benefits encompass so much more that physical health alone. Thanks to a growing awareness of the importance of mental wellbeing employee’s are keen to access resources that cover mental and emotional wellness too. For employers offering these benefits can also have positive outcomes, reducing the levels of stress and burnout in the workforce and reducing turnover.

Health and wellness benefits you could consider:

• Health insurance including healthcare plans that cover family members
• Emotional wellness resources such counselling and mental health services
• Dental insurance plans
• Lifestyle Spending Allowances including gym memberships, athletic equipment home office stipends, pet insurance and more
  

Financial wellness

Unsurprisingly for employees in the financial sector, benefits that support financial wellness are proving popular. These benefits go beyond higher salaries and performance bonuses to help employees manage their finances in the long-term and achieve those big life goals like home ownership, retirement, and investments and can help remove a source of stress, giving employee’s more space to focus on career goals.

Employee’s like these financial benefits:

• • Pension contributions
  • Life insurance
  • Free financial planning services and advice
  • Help with commuting costs

Davies Resourcing can help you attract and retain talented financial services and insurance professionals

We believe innovation and creativity starts with the people you hire. If you are struggling to attract and retain the talent you need to drive your business forward, we can provide the support you need to take bold steps and generate results.

Get in touch today to discuss how Davies Resourcing can help you develop a hiring strategy that appeals to financial services professionals.