April 22, 2024 All Articles

Employee benefits – a key factor in supporting employee wellbeing and retaining & attracting top talents?

by Epassi

For HR leaders everywhere, it’s a pressing concern to attract top talent, given today’s competitive market. It’s equally important, if not more crucial, to retain and care for existing employees. So, how can HR leaders effectively navigate the challenge of attracting and retaining an excellent workforce?

The cornerstone of establishing an engaged and appealing workplace lies in comprehending the needs of employees – both current and prospective. What do they need to feel motivated?

Central to employee satisfaction is the compensation and benefits that your organization can provide. To facilitate a deeper understanding of employee needs when it comes to benefits, Epassi, in collaboration with the Aalto University of Helsinki, undertook an extensive study on this subject. The Great Employee Benefits Study (GEBS) delves into the perspectives of both employees and employers, offering invaluable insights into employee benefits. The results provide HR leaders with profound comprehension of employee viewpoints and insights into how their counterparts strategize and implement benefit programs.

One might ponder: are employee benefits truly the pillar stone of employee satisfaction? The GEBS of 2023 unearthed the revealing insights that 4 out of 5 Swedish employees expressed willingness to switch jobs for a comparable role if offered superior employee benefits and 1 in 4 would consider accepting a reduced salary in exchange for a more personalized benefits package. Moreover, 52% of employees would be more engaged in their work if their employer invested in their health rather than just increase their salary. Thus, it is evident that benefits and investments in employee health, rather than just salary increases, wield considerable influence in employee engagement. Are employers meeting these needs? Last year’s study found that over 80% of employers consider their organization to support the mental and physical wellbeing of their employers. However, not even half (48%) of employees agree with this claim, leaving a lot of room for development. What will the results be this year?

For 2024, the study has expanded its scope, encompassing Sweden, Finland, Italy, and the UK, to explore the evolving perceptions of employee benefits across Europe. Don’t miss the launch of the results – join the Wellbeing at work summit in Stockholm where Epassi together with researcher Elina Koivisto will present The Great Employee Benefits Study of 2024.

Boosting everyday wellbeing.

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