Why Your Business Should Offer a Flexible Employee Benefits Solution.

After Open Blend revealed 84% of millennials look to change jobs after two years, perfecting your employee benefits is more crucial than ever.

Millennials are roughly defined as those born between 1981 and 1996, meaning they currently make up a large segment of working aged people. While older generations tend to change jobs only a few times during their career, young professionals are much less loyal to employers – viewing each role as a stepping stone towards their eventual career goals. 

A high employee turnover isn’t good news for any business, especially smaller companies. It is far more cost efficient to retain the same employee for a long period of time, than to spend time and money regularly recruiting and training new staff in the same role. It’s also easier to build a strong company culture and a more attractive working environment if staff turnover is minimised. 

Offering appealing employee benefits, and ensuring employees appreciate the value of them, is essential in preventing your staff from leaving for a better offer – but what do your employees actually want? A flexible benefits solution, which allows employees to build a perks package tailored to their individual needs and lifestyles, is vital to keeping a diverse workforce happy. 

Data analytics are helpful in assessing which benefits are most popular, which employees are using them, and which perks are simply wasting money. Voluntary Benefits are a great way to give your employees more choice at minimal cost to you, by giving the option to sacrifice some of their salary in exchange for perks such as more annual leave or private health care. While a rival company may offer a slightly higher salary, you could offer a higher Total Reward by increasing the value of benefits available to your employees, making them less likely to leave for a new position.