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The benefits of benefits

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5 months ago by Matthew Heard

The benefits of benefits

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Recent research estimates that by 2025 75% of the UK workforce will be millennials, and with that, comes a change in what employees want from their workplace.

We often find that our clients focus on the more standard benefits – a competitive salary, a pension contribution and a yearly bonus, but with the changing face of the workforce, and the unsteady economic environment, what can you add to your offer if you can’t budge on the basics?

What is considered a benefit can be individual to the employee, however we’ve broken them down into broader categories and highlighted the benefits of introducing them into your workplace.

Balance

Your employees are people with commitments, hobbies, friends and loved ones away from the office. Supporting them to find a healthy balance between work and home is a clear route to high staff morale, retention and attraction.
Supporting a work/life balance can come in a myriad of ways – do you offer free gym classes or subsidised gym membership for training purposes? What about flexi-working to allow staff to leave early to get to book clubs or language classes?  Affording your staff the ability to be themselves will make them feel much more accepted in your firm, more loyal to you and ultimately offers them something they may not find elsewhere.

Social

The importance of good working relationships cannot be understated when it comes to staff employment and engagement. A supportive network in the work place is a regularly cited reason as to why an individual would stay in their job, so be sure to consider what social benefits you’re offering. Are you encouraging coffee breaks amongst colleagues? Is there Friday night drinks or monthly social events that the firm put on? What about team building activities and CSR initiatives? All of these things lend themselves to an excellent benefits list and would be attractive to someone looking for a more socially inclusive environment.

Family

The majority of employees have someone who is dependent on them, whether that is financial support for elderly parents, having younger children, supporting vulnerable siblings, spending time with loved ones – the list can be endless. Family is often an important part of a person’s life, so are you offering benefits that accommodate this? Again, this could be reflected in your flexi-working policy, but you can also offer a free counselling service, or childcare vouchers. Even being flexible in your approach to holiday requests could make the difference for a parent with a sick child. Be conscious that all of these could be considered a benefit, and a powerful one at that.

Financial

Financial may seem to be an odd category to include because surely salary, pension and bonus are part of the financial benefits package? They are, but there’s also so much more to include. Anything your firm offers that reduces the financial burden on an employee should absolutely be shouted from the rooftops. Private medical care? Great. Interest-free season ticket loan? Wonderful. Employee Referral Scheme? Let your employees know!
Identifying these additional financial aids can be used to brilliantly highlight the actual remuneration package on offer, and sway a candidate to your firm.

Ultimately, everyone offers a salary and often the market rate is similar across the board, so the additional benefits you can offer a candidate is likely to attract, and retain, the best talent. If you’re struggling to recognise and promote your benefits list, speak to one of our team who will be able to help you identify, correlate and present your benefits in the right way.  

LR Legal is a bespoke recruitment agency, offering a comprehensive service for law firms and businesses, across all sectors. Get in touch to find out how we can help your firm.