The world of employee benefits is becoming increasingly varied and complex, as is their growing importance for business success. Delivering a robust benefits package requires a strategic tool to attract talent and boost your company's employer branding.
This is why FREENOW for Business has entered a partnership with human resources management software Factorial, that integrates employee benefits services. In this article, we break down the key points from our ebook that was written in collaboration to provide HR professionals with a holistic guide to delivering top benefits packages in 2024.
Traditional and New benefits
When you think about employee benefits, the first thing that comes to mind is probably private health insurance, parental leave, pension, etc. However, we have seen this start to evolve along with the needs of employees. These include mental health support, physical wellbeing plans, and initiatives to support work-life balance.
On top of this, there are more and more calls for employers to support their teams with the cost of living and flexible work arrangements.
Designing a benefits package that meets workers' needs is now a crucial element of talent acquisition and retention strategy. Did you know that 40% of workers in the UK say that their physical and mental wellbeing has improved with remote working?
Benefits trends in Europe
Our ebook includes research that was conducted by FREENOW for Business with Kantar across the UK, Ireland, Italy, Spain, France and Germany, examining employee benefit trends and comparing the needs and wants of European employees.
For example, FREENOW discovered that there is a general trend to reduce the number of benefits tied to physical presence in the office as this no longer caters to the ways of working of most employees. Instead, companies have started to favour benefits that are linked to mental health and employees' free-time - such as flexible working, holiday days and support with transport costs.
In the UK and Ireland, 78% of respondents said that they want benefits that help with the rising costs of heating, transport and energy. 69% also said that flexible working arrangements would help them to feel less stressed at work.
With this in mind, HR managers are challenged to adapt their compensation and benefits offerings to these new wants and needs.
Managing employee benefits
Our ebook also provides a guide to effective performance management for employees: starting with an assessment of workers' needs, comparing manual and automated management tools, and considering outsourcing administration or adopting a HR software internally.
If you are interested in how the integration between FREENOW for Business and Factorial actually works, there is a detailed breakdown at the end of the ebook.
