Employee benefits are always a hot topic of discussion for any business, especially if you are attempting to curate an employee benefits scheme that is highly valuable for your employees. In particular, you might be considering personalised employee benefits.
If so, then you might also be thinking about whether this is a feasible option for your business. In this blog, we will cover what employee benefits are and whether they would work for you and your employees – so, don’t stop reading!
What are personalised employee benefits?
Firstly, let’s explore what personalised employee benefits are. It goes without saying that we all know what employee benefits (without the personalisation part) are – literally what their name suggests.
However, what if you add personalisation into the mix?
We are all different, and this is apparent in our individual wants and needs that may differ from another. The same is applicable to your employees. For example, a single parent employee might have different values, goals, needs, and wants compared to a childless employee in terms of employee benefits.
Yet, does your employee benefits scheme distinctly cater to these different employees?
If your scheme is a one-size-fits-all package, then probably not. So, why are you not aiming to personalise their benefits? After all, it’s likely that some of your employees desire personalised benefits.
One report by MetLife UK found that 74% of employees would work harder if their employer provided personalised benefits that were tailored to their individual needs. In the same survey, 50% of employees cited that they would gladly take a wage reduction if it meant that their benefits would be personalised.
As you can see, there is surely some value in implementing benefits and perks that are tailored to individual employees – particularly regarding productivity and motivation.
Examples of personalised benefits
So, how can you do it? Flexibility is key when it comes to personalised benefits. This means that you should allow your employees to pick and choose which benefits that they can take advantage of, instead of providing them with a rigid package that can’t be adapted to their needs.
Here are a few examples of personalised benefits that you might want to consider:
● Personalised wellbeing and wellness reimbursement – from gym memberships to fitness and yoga classes, you can empower employees to take better care of themselves in terms of their wellbeing and health; reimbursing their wellbeing expenses
● Health stipends – for instance, optional private health insurance, along with optional cover for dental or optometry services
● Financial support – the cost-of-living crisis has undoubtedly affected all employees, some more than others, which is why it’s important to offer personalised financial support as well; whether that is through retail discounts and/or financial protection like group income protection insurance, you should find multiple ways to secure their financial wellbeing
To conclude, personalised employee benefits are an excellent way to improve workplace morale, attracting and retaining employees within your company. From COVID-19 to the cost-of-living crisis, the importance of employee needs is becoming increasingly acknowledged in the workplace.
By offering flexibility with employee perks, you are effectively acknowledging individual employee needs and empowering them to thrive.