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Why employee are benefits essential for your organisation

There are endless ways a company can show that it values its people and cares for their wellbeing. For starters, it’s every manager’s responsibility to ensure people are treated respectfully and inclusively, and that their hard work and loyalty to the company is recognised. By maintaining these standards, an organisation can begin to build a positive working environment where people feel seen, appreciated, and genuinely happy in their roles.

But it’s important to remember that positive management alone is not enough to fully support a workforce, and that people need structures in place and services available to help them face the growing number financial and emotional demands we encounter today.

This is where employee benefits come in. They give people access to the services they need, when they need them, so that they can continue to bring their best and most productive selves to work.

Here’s a list put together a list of the key reasons why implementing employee benefits (sometimes referred to as fringe benefits of perks) is essential for any organisation and some of the positive impacts they can make to help your company become as successful and inspiring a place as possible.

Attract top talent to gain a competitive edge

Offering a comprehensive benefits package makes an organisation more attractive to potential employees. One survey carried out by the Society for Human Resource Management (SHRM) found that 86% or workers consider employee benefits a significant factor to accept or reject a job offer, only behind salary.

In a competitive job market, companies that offer more impactful and attractive benefits as part of their compensation package can stand out, making it easier to recruit the people you want and get ahead in the talent war.‍

Enhance employee retention

Job satisfaction: Benefits play a significant role in enhancing employee satisfaction. When employees feel that their health, financial security, and work-life balance are supported, they are more likely to stay with the company. In fact, a 2023 MetLife survey found that 83% of employees felt that their satisfaction with their benefits package made them more likely to stay with their employer.

Reduced Turnover Costs: High employee turnover can be costly due to the expenses related to hiring and training new employees. Offering strong benefits helps retain employees, reducing turnover and associated costs.

Employee welfare

Naturally, we all want the people we care about to be their happiest, healthiest selves, and the people you manage are no exception. Benefits like health insurance, wellness programmes, mental health support provide your employees with the services they need to stay healthy, both physically and mentally.

Reduce absenteeism

Employees who are supported and cared for with their health and wellbeing by a range of benefits are less likely to require time off work. One study found that certain employee benefits, particularly wellness programmes, can reduce absenteeism by as much as 27%.

Other benefits can also help minimise absenteeism. For example, remote working options allow employees who may not be able to come into the office to continue to work, and childcare services reduce absenteeism among parents who, without them, might have to miss work to look after their children.‍

Foster loyalty

It’s no secret that employees who feel valued and cared for are more likely to develop a sense of loyalty towards their organisation. A comprehensive benefits package helps demonstrate an employer’s care for their employee, and build that loyalty and commitment to the success of the company. 

Support Diversity, Equity, and Inclusion (DEI)

Inclusive benefits that provide access to fertility and menopause treatments, neurodiversity support, parental leave, and flexible work arrangements support and encourage a diverse workforce by recognising the different needs of individuals and putting structures in place to meet those needs.

A workplace equipped to support everyone is a desirable destination for all and far more likely to attract a diverse and dynamic workforce – an advantage for any organisation!

Boost productivity

At Fertifa, we always stress that looking after employees’ health, wellbeing, happiness and success should be the main driver for introducing benefits, and primarily inform which ones you choose to implement. Having said that, there’s no denying that companies with a comprehensive benefits package see greater employee productivity. A study by the International Foundation of Employee Benefit Plans found that 80% of employers reported an increase in employee engagement and productivity as a result the benefits they implemented, particularly health and wellness programmes. So there’s a considerable business benefit to them too!    

Legal compliance

The following benefits are legally required. Be sure you have them in place to avoid any legal action being taken:

• National Minimum Wage
• Statutory Sick Pay (SSP)
• Statutory Maternity, Paternity, and Parental Leave
• Workplace Pension (Auto-Enrolment)
• Holiday Entitlement: Employees are legally entitled to a minimum of 5.6 weeks of paid holiday per year, which can include public holidays.

Different types of employee benefit an employers might offer.

Below, we’ve outlined some common types of benefit companies offer their employees and examples of how they provide support.

Health and wellness benefits

• Health Insurance or medical insurance: Medical insurance can extend to coverage to all physical health issues including dental care.
• Mental Health Services: Access to counselling, therapy, and mental health resources.
• Wellness Programmes: Programmes that promote physical health, such as gym memberships, health screenings, and wellness challenges.
• Employee Assistance Programs (EAPs): Confidential counselling and support services for personal and professional issues.

Fertifa benefits

At Fertifa, we offer world leading clinical support for employees to help them navigate their biggest health challenges. We work with businesses to ensure their employees have access to the best doctors, nurses, clinics and resources for any concerns relating to:

• Fertility
• Family-forming
• Menopause
• Men's health
• Women's health
• Maternity
• Neurodiversity
• Gender identity

Book a call with a member of the team to discover how the Fertifa benefit works!

Financial benefits

• Pension contributions: pension plans with employer contributions or matching.
• Life Insurance: Life insurance can include financial protection for employees' beneficiaries in case of death. Check out this article to find out more about life insurance options in the UK.
• Disability Insurance: Short-term and long-term disability coverage for income protection during illness or injury.
• Stock Options/Equity: Opportunities to purchase company stock at a discounted rate or receive shares as part of compensation.
• Financial Planning Services: Access to financial advisors and planning tools can help employees enhance their financial security.

Paid time off

• Annual Leave Allowance: An agreed allowance of paid days off
• Sick Leave: Paid time off for illness or medical appointments.
• Parental Leave: Paid or unpaid leave for new parents, including maternity, paternity, and adoption leave.
• Holidays: Paid time off for national and company-recognised holidays.

Work-life balance benefits

• Flexible Work Arrangements: Options for flexible working hours or schedules, remote work, and compressed work weeks so people can better balance their professional and personal lives.
• Childcare Assistance: On-site childcare facilities, subsidies, or referral services.
• Elder Care Assistance: Resources and support for employees caring for elderly family members.

Looking to help your people better juggle their professional and personal obligations, check our our article on the 7 Strategies managers can employ to strike the ideal work-life balance 

Professional development

• Training Programmes: Opportunities for skills development, workshops, and certifications.
• Tuition Reimbursement: Financial assistance for continuing education or degree programmes.
• Career Advancement Opportunities: Pathways for promotion and growth within the company.

Additional employee perks

• Commuter Benefits: Subsidies or reimbursements for public transportation, parking, or other commuting expenses.
• Relocation Assistance: Support for employees moving for work, including moving expenses and housing assistance.
• Employee Discounts: Discounts on company products, services, or partnerships with other businesses.
• Company Events: Social and team-building activities, such as company parties, outings, and retreats.

It's important to remember that more common employee benefits like those listed above are not the only ones available. Be sure to explore your options and not limit yourself if you feel your workforce could benefit from more specialised support services.

Types of employee benefit that people value the most

All the benefits listed above can make a big impact on an employee’s personal and professional, and this should not be overlooked. Every workforce is unique with a distinct set of needs, and so it’s important to think about what types of employee benefit will make the biggest difference to your workforce.

Having said that, there are certain, popular benefits that employees tend to value more than others. Using a range of statistics, insights from surveys and our own experiences as a benefit provider, we’ve created a list of 6 employer benefits that employees feel make the biggest impact to their lives. We hope you find it helpful!

Health insurance

In the UK, employer-funded health insurance has become a must-have for many employees or people deciding on their next jobs. Providing employees with access to healthcare services that provide faster consultations without the extensive waiting times sometimes found at the NHS, health insurance ensures that people are seen and treated quickly. In addition, many companies offer financial coverage or allowances so employees don’t need to worry about the costs of private healthcare.

Considering the flexibility and financial support health insurance provides, it’s no surprise employees value it so highly. A 2022 survey by Willis Towers Watson revealed that 81% of UK employees ranked health insurance as one of the top three most important benefits provided by their employer, highlighting just how crucial to attraction, retention and job satisfaction healthcare benefits are.

We understand that every company works within a budget, and that expensive health insurance providers may not be possible for many. Thankfully, there are ways of providing healthcare insurance for less. Check out this article to find the right healthcare plan for you!

Mental health and wellbeing support

According to a leading UK mental health charity Mind, approximately 1 in 4 people in the UK experience a mental health problem each year. At Fertifa, we’ve seen firsthand the difference workplace mental health support can make to those struggling. Even the reassurance that the help is there if they ever need to access it can be hugely comforting.

While some mental health, wellbeing and lifestyle benefits are included in a health insurance plan, many employers are teaming up with specialist providers like Unmind, Bupa, Thrive and Headspace so employees have access to a wider range of support services. Here are some of the services mental health benefit providers offer:

• Access to Employee Assistance Programmes (EAPs) link out to EAP article
• Confidential counselling
• Wellness exercises
• Mental health training for managers
• Workshops on stress management

Surveys have shown that mental health and wellbeing benefits are valued highly by employees and job seekers. One study revelaed that over three quarters (83%) of employees in the finance sector have thought about a job change due to the impact work is having on their mental health, and another conducted at Deloitte Global reported that nearly 50% of UK employees said they have considered leaving their current job due to stress and would seek another if it offered better mental health support.

Whether you choose to work with a specialist provider or select a health insurance plan that includes mental health support, ensure the wellbeing of your employees is looked after and they can access the services they need.

Check out our mental health and wellbeing policy template!

Flexible working arrangements

Flexible working options have become more and more common, particularly since the Covid-19 pandemic. Although there are many different types of flexible working, they share the same purpose: to establish a working arrangement that best suits an individual’s needs and personal obligations, giving them the best chance of thriving in their role.

Here are some of the different types of flexible working an organisation can offer and a few examples of why they might be valuable to an employee:

• Remote working or working from home: Working away from the office is a common option in many organisations. Some of the advantages of remote working include less commuting time, better work-life balance, higher productivity for certain individuals, reduced need for office space and improved employee wellbeing (one study found that nearly 80% of business looking to implement permanent remote working options cited an improvement in employee wellbeing as the reason why)
• Part time: We understand that some roles require full time employment. However for some people, part-time employment may be more suited their personal circumstances and ambitions than flexible hours, for examples. For example, a part-time job can allow someone to pursue other aspirations or spend more time with their family – ideal for working parents, for example.
• Compressed hours: In a compressed working week, an employee will work their total contracted number of hours in fewer days. Perhaps the best-known example of this if the 4 day working week, which many companies have trialled and some implemented permanently. Compressed or flexible hours can be very valuable for employees looking for greater work-life balance or reduced commuting time/cost. Employers can benefit from greater staff productivity, employee engagement and wellbeing, and lower operating costs.
• Flexible working hours: Flexible hours allow employees to adjust their work schedules helps them better manage personal responsibilities like childcare or medical appointments.
• Annualised hours: A type of employment contract where an employee is paid their salary across the number of hours worker in a year. They can be more cost-effective for employers and ideal for people whose schedules vary during the year, for example a parent can take on more hours when the children are in school and fewer during holidays.
• Phased retirement: A retirement plan that involves Gradually reducing the workload or working hours of eligible employees who are approaching the end of their career. A phased retirement plan means they can continue earning an income, and probably take less money from their pension. Discover laws around retirement benefits here.

By no means is flexible working limited to the options above, and managers may occasionally need to work with an employee to create a more personalised arrangement that suits both parties. Ultimately, people have to find a flexible working option that works for them and their needs.

However, it’s provided, flexible working is now valued extremely highly by employees. One survey found that 51% of people believed their employers should offer flexible working! So it’s important for managers to try to be as flexible as possible if they want to help create a happy, engaged workforce where people are satisfied in their roles.

Training and development

Training and development budgets are allocations set aside for employees to develop or enhance certain skills that may create opportunities for career progression. As you might expect, employees value opportunities for growth extremely highly – one Linkedin report found that 94% of employees would stay longer at a company which invested in their career development.

Here are some of the reasons why training and development budgets are so important for people:

1. Career Growth: Access to training and development opportunities allows employees to learn new skills, stay up-to-date with industry trends, and advance their careers within the company. This can lead to promotions, salary increases, and greater job satisfaction.
2. Skill Enhancement: Continuous learning enables employees to improve their current job performance by acquiring new competencies and becoming more proficient in their roles. This not only enhances their job satisfaction but also increases their value to the company.
3. Job Security: By investing in their development, employees feel more secure in their roles, as they become more versatile and adaptable to changing job requirements and market conditions.
4. Employer Commitment: A company that invests in training and development demonstrates a commitment to its employees' growth and well-being, which can lead to increased loyalty and engagement.
5. Personal Fulfilment: Learning new skills and gaining knowledge can be personally rewarding, boosting confidence and motivation.

Overall, training and development budgets show employees that their employer values their professional growth and is willing to invest in their future, fostering a positive and forward-thinking company culture.

Fertility and family-forming benefits

Today, there are many different paths to parenthood in addition to natural conception, giving people who want to start or expand their families greater opportunity to do so. While this has been a life-changing development for many people, family-forming procedures like fertility treatment, adoption and surrogacy are often expensive, time-consuming, and difficult to see through without support.

This is why so many employees value employer-funded support that helps reduce the emotional, financial and logistical challenges associated with these processes so highly – a 2022 study by Maven clinic found that 60% of employees left or considered leaving their jobs for better family benefits.

How do they benefit employers?

1. Enhance Attraction & Retention:

Fertility and family-forming benefits have also shown to enhance a workforce’s sense of loyalty and commitment to a company through a positive impact on retention:

• The 2023 Fertility IQ Workplace Index revealed that 61% of employees who received fertility benefits from their employer felt more loyal to their company.
• According to a 2021 Carrot Fertility survey, 88% of employees said they would consider switching jobs for a company that offers fertility benefits.

2. Reduced presenteeism:

• 65% of employees say they have spent time at work looking into fertility and family-forming options.

3. Diversity and inclusion:

This demonstrates the role of fertility benefits in supporting and building a more diverse and inclusive workplace.

• According to a 2023 Mercer survey, 40% of companies offering fertility benefits cited diversity and inclusion as a key reason for providing these benefits.

Get in touch if you're looking to offer your employees reproductive health support

We offer world leading clinical support, regardless of sexual orientation, gender identity, age, race, biological sex, income, relationship status, and geography. Book a call to find out how our employee benefits, and the Fertifa Patient App, can support your people through fertility challenges, family-forming journeys, menopause, and women's and men's health too.