24th September 2013
More employers and HR professionals are aligning their staff benefit packages with the company's objectives, the Chartered Institute of Personnel and Development (CIPD) has found.
Research by the CIPD shows that staff benefits are helping businesses to recruit, retain, motivate and engage their employees to achieve organisational objectives.
The CIPD's annual Reward Management survey found:
- Firms focusing on delivering great products or services for their customers are more likely to provide employee training and development benefits
- Cost-focused companies are more likely to offer voluntary benefits such as discounted products and services or luxuries
- Workplaces employing a high percentage of graduates tend to offer defined contribution pension plans to 'attract and retain valuable talent'.
It also found that firms that are transparent about employee benefits are more likely to experience:
- good employee relations
- increased productivity rates
- lower absenteeism
- improved staff retention
- lower levels of dissatisfaction about pay.
Charles Cotton, reward adviser at the CIPD, said: "HR professionals continually have to ensure that the reward provisions they offer in the workplace are in keeping with the shifting nature of work, and are aligned to both the needs of business and employees and integrated with other aspects of people management strategy. Failure to do so will result in inappropriate achievements, skills and behaviours being rewarded and recognised."
Could your business benefit from offering certain staff benefits?