Lifestyle benefits are an increasingly popular fixture in businesses throughout the country. Allowing staff to choose between salary and lifestyle benefits, using such a reward scheme can have a very positive effect on various aspects of your business.

Those not offering staff lifestyle benefits may find they are at less of an advantage when their competitors are such reward schemes for their employees!

While the additional cost and effort required to implement a staff lifestyle benefit system may seem more hassle than it’s worth, there are actually many reasons to take the plunge and offer your staff lifestyle benefits. Here’s why:

Staff Loyalty

Offering your staff lifestyle benefits is more likely to foster loyalty to your business, as many employees see benefit packages as important reason for their company loyalty.

When you give staff the choice of various lifestyle benefits, they feel valued and appreciate that they have options available, increasing loyalty to the company and the chances of retaining all your best employees.

It’s important to have variety to your staff lifestyle benefit options that reflect the different lifestyles of your workforce. For instance, staff that have families will want lifestyle benefits that reflect their family status, while younger professionals are likely to prefer different lifestyle benefits from those with families.

Better Recruitment

The appeal of staff lifestyle befits extends to prospective employees too, meaning you can use the scheme to attract top talent in your field.

Retaining the best workforce is very challenges for a business, espiecally those in competitive fields, so by offering staff lifestyle benefits you establish your business as an appealing place to work for future employees.

In fact, a large portion of employees are willing to take a reduced salary in favour of suitable lifestyle benefits, so having such a scheme in place ensures you can attract high-quality employees and reduce the chances of them choosing to work for a competitor instead.

Also, when you consider the costs of sourcing and hiring new talent, the additional cost of using a staff lifestyle benefit scheme pays for itself!

Happier and More Productive Staff

Staff that have good lifestyle benefit rewards from their employer are much more satisfied in their position.

This leads to increased productivity, with staff being happy and motivated to work because they have appealing benefits to enjoy. You also demonstrate value to your employees, further increasing motivation and productivity.

A happier, more productive workforce is only going to benefit your business. From increasing your bottom line to boosting employee morale, your entire business will flourish when powered by a happy and productive workforce.

Fewer Absences

When staff are motivated to work because they have access to great lifestyle benefits, they generally have fewer absences throughout the year. Sometimes these reduced absences are directly linked to the benefits you offer.

For example, if an employee with children is frequently absent due to commitments to their family, offering rewards like childcare vouchers can help address the problem. Childcare benefits are amongst the most popular staff lifestyle benefits and they could be a huge asset for your business.