Employee Benefits Trends to Bolster Attraction and Retention
The office for National Statistics reported that wage growth slowed in the final quarter of 2023, and the UK labour market began to soften marginally. Although a loosening of the current tight labour market may come as a welcome relief to employers several factors remain challenging, including widening skills shortages across several sectors. Consequently attracting and retaining talent remains a critical focus for organisations in 2024. Offering higher salaries may seem like the most obvious way to attract and retain talented workers however salary alone is insufficient. In fact a recent poll noted a “great culture” as the number one priority for job seekers according to and employment engagement company. Fortunately employee benefits provisions are cost effective ways to enhance workplace culture and improve attraction and retention efforts. Consider the following pertinent benefit trends for 2024:
• Offer flexibility. The covid 19 pandemic saw individuals re evaluate their work life balance and review what’s important. Many employees now crave flexible working patterns, including compressed hours or hybrid and remote working. In fact more than 40% of job candidates wont apply for a role that doesn’t offer their preferred working model, according to a recruitment company. Organisations should review flexible working offerings to boost engagement and reduce employee turnover in 2024.
• Provide financial assistance. Money worries may impact employees ability to do their jobs. Organisations could leverage salary sacrifice schemes and employee discount programmes to assist employees financially in 2024. Employers could also consider enabling pay flexibility whereby workers choose the cadence they want to be paid (eg weekly, fortnightly or monthly)
• Support workers well being. Well being continues to be a hot topic and savvy employers will support their workforces physical and mental health to drive productivity and boost retention. Employee assistance programmes, mental health first aiders and additional leave are all ways to bolster well being.
• Demonstrate sustainability. According to professional services company Deloitte, almost half of high income workers have considered switching jobs to work for a more sustainable company. By encouraging sustainable transport such as cycle to work schemes or using electric vehicles as company cars organisations can demonstrate sustainability in 2024.
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The risks of lithium – ion batteries
Lithium-ion batteries (LIBs) are found in many electrical devices and offer several advantages over the other types of batteries, including rechargeability and versatility. However their use isn’t without significant risk. In fact LIB fire claims have tripled in the past three years, according to Zurich, defective batteries and items being left on charge too long are frequent factors in claims. Other business risks from LIBs include the following:
• Environmental harm. LIBs require minerals from processes that have negative environmental impacts, such as soil and water contamination, erosion, air and water pollution, and greenhouse gas emissions during manufacturing. Improper disposal of LIBs can also pose a fire hazard and cause toxic metal leakage in landfills.
• Supply chain disruptions. The rapidly growing popularity of electric vehicles and other electronics will likely increase demand for LIBs over the next few years. A sudden popularity surge could cause shortages potentially creating supply chain disruptions and associated production delays.
Tips to mitigate the risks of LIBs
With the concerns LIBs present, businesses must take steps to reduce their risks. Actions to consider include the following:
• Inspect LIBs before use and always follow the manufacturers instructions.
• Train employees on LIB use and safety and how to respond to LIB related hazards.
• Store LIBs separately from other hazardous materials in a cool, dry, well ventilated area away from direct sunlight.
• Ensure only the charger supplied with the battery is used and swiftly disconnected once charging is complete.
• Work with suppliers who produce LIBs in an environmentally friendly way and closely follow any guidelines when disposing of LIBs to protect the environment from hazardous waste.
• Consider business continuity strategies to prepare for supply chain disruptions should the availability of LIBs encounter difficulties.
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