A Diverse Workforce Is Good for Business - but Tailored Benefits Packages Are Key 18 May 2015
Employee benefits packages should be tailored to suit both gender and age, according to recent research from PwC.
The study of 2,400 UK workers found that women were more likely to be attracted to work-based medical insurance, whilst more men liked the idea of a company car.
In terms of age, younger workers were keen to pursue training and development opportunities and discounted food and service vouchers - or anything else impacting on the cost of living.
“As employers, many of us acknowledge that a diverse workforce is hugely beneficial but there are inevitably various needs and preferences when it comes to benefits,”says Rob Dolbear, managing director of time4care. “Understanding how we can tailor these to suit different groups is incredibly important.
“Once we’ve done that, promoting them within the business - and to potential employees - is crucial in attracting and then retaining valuable talent.
“Childcare offerings - like on-site nurseries and vouchers - are often useful in helping to lure in younger workers. But what about over 55s? We know how much they have to offer us in terms of knowledge, experience and loyalty. So how can we tailor our employee benefits packages to show that we understand their needs?
“Eldercare is becoming an increasingly vital element of benefits packages because more and more people are finding themselves in a position where they are having to look after an elderly loved one whilst continuing to work full-time.
“We developed time4care to give businesses a way of demonstrating that they understand and recognise the needs of employees who are desperately trying to combine work and care. In many cases, bosses are blissfully unaware of the huge juggling act that is going on behind the scenes.
“Coming to terms with the fact that your mother or father is no longer able to cope indecently in their own home is difficult and stressful. So, having an employer who is wiling to offer extra support can make all the difference for that individual, and to their productivity at work.
“Having all these benefits in place - and then tailoring your communications about them to specific groups within your workforce - saves valuable time and money. It also ensures that all employees across your organisation, not just certain elements, feel valued and understood. And that can only be good for business.”