Attracting and retaining talented staff is a key challenge for all aviation businesses, and competition to secure these individuals is at an all-time high.
This challenge is encouraging many businesses to re-examine every aspect of their staff engagement and benefits strategy to ensure it remains relevant to the changing demands of their workforce.
There has been a huge amount of change in the Employee Benefits world in recent years, and traditional fixed contractual benefits such as Life Assurance and Private Medical Insurance are being replaced or enhanced by flexible benefits that reflect current trends towards wellness and flexibility at work and home.
Recent research shows that new benefits particularly valued by employees include:
- The ability to tailor insurance to the employee’s need, such as increasing Life Assurance cover or Critical Illness
- Dental Insurance and Health Cash Plans
- Childcare Vouchers
- Cycle to Work
- Flexible working
- Buying additional holiday
- Salary sacrifice for the purchase of laptops, tablets, TV’s and other gadgets.
There are tax efficiencies for both the employee and employer in many of these arrangements, as well as attractive corporate rates, policy terms and relaxed underwriting.
How motivated are your team?
In an attempt to understand the needs and feelings of their workforce, many businesses are increasingly investing in tools to measure ‘employee engagement’ levels.
These tools can provide the management team with invaluable feedback on all aspects of their workforces’ satisfaction, ranging from motivation levels to their understanding of the business strategy.
These exercises can also show the management team how much their team understand and value their current benefits package meaning they are able to invest their budget in the most appropriate benefits structure.
Ged Smith, Finch Client Director, commented, ‘There is much research that suggests a highly motivated workforce generates significantly higher levels of productivity, increased profits and reduced staff turnover.
A strong Employee Benefits package is a powerful tool for attracting and retaining the best workers and we are seeing a significant upsurge in the demand for innovative and flexible Employee Benefits as the battle to be the employer of choice continues.