Quantum Advisory, the leading independent financial services consultancy, has said that whilst more small to medium sized employers (SMEs) are now investing in quality benefits packages, many are not achieving their true potential in terms of return on investment.
Richard Beddall, Senior Benefits Consultant at Quantum Advisory, said: “One of the main challenges for smaller businesses is understanding the hidden costs of recruitment – and therefore resource deficits. An attractive benefits strategy that has been specifically tailored to resonate with your employees is vital in the constant battle to attract and retain quality staff. The recent uplift in SMEs seeking to implement quality flexible benefits packages is encouraging and the first step towards levelling the playing field with larger employers. However, it is still too often approached as a one-off annual exercise, rather than an ongoing opportunity for engagement.
Companies should be reviewing and updating the available benefits on a far more regular basis to meet the increasingly varied needs of today’s diverse and multi-generational workforce. Any reward strategy should have a unique brand within the organisation too, so that it can be immediately recognisable from day to day business communications. Ultimately, the way forward is to adopt an all-inclusive engagement strategy. This is vital if organisations are to get the most out of their investment and maintain competitive edge against their peers for the long-term.”
Richard Beddall, Senior Benefits Consultant