Free insurance, birthday holidays, staff discounts, work vehicles, retirement savings schemes and flexible working arrangements are just some of the benefits many New Zealand businesses are using to increase employee satisfaction, attract talent and boost business performance.
A Global Benefits Survey by Towers Watson has revealed that employment choices, commitment to the business and engagement are influenced by the benefits offered by the employer. It also showed that employers enjoy a significant competitive advantage in attracting and retaining employees by offering the right benefits.
They attract new employees
To stay competitive in the market, businesses are continually looking at what benefits they can provide in addition to salaries and wages. When pay rises can’t be met, benefits can be factored into the total package and provide extra incentive to agree to negotiation terms.
Businesses can also use what they sell as something that can be provided or discounted to employees as a benefit. This can be a cost effective answer when other benefits may seem too expensive, although they still have to provide something of value to the employee.
They help keep employees happy
Not only do benefits attract prospective employees, they also act as a retention tool in keeping employees who might otherwise decide to look elsewhere, keeping recruitment, training and development costs down. Offering the right benefits to employees can have a positive influence on engagement and satisfaction.
Insurance and investments provider AMP provides generous additional superannuation for full-time employees on top of base salaries and KiwiSaver, as well as free mole mapping, personal health checks, nutrition and work-life balance seminars to employees. Many of these services also wouldn’t or couldn’t be accessed by individuals in their own time or within their budget.
They can be better for business
Besides the obvious cost and health advantages to the employee with benefits focused on well-being, there are also advantages to the employer. A fitter, healthier employee means a more productive member of the business who also takes fewer sick days, saving the business potentially thousands each year.