More firms focusing on employee benefits in a bid to retain talent

The professional services firm says it has seen more enquiries from companies looking to review the benefits packages they offer to their employees.

Luigi Falivene, who works in EY’s Human Capital practice believes the reason Yorkshire businesses are working even harder to retain staff is due to the strong competition for talent, which he puts down to reduced recruitment during the economic downturn.

He said: “Some companies in Yorkshire reduced the number of people they took on and trained during the recession to adjust to the low growth environment.

“This has translated into fewer experienced people in the regional market across some industries today.”

But with the economy recovering many businesses are now focusing on expanding and competition for skilled employees has intensified.

Mr Falivene said: “Companies are working harder to keep their best employees.

“To do this, businesses are increasingly using employee benefits to create the most attractive possible packages for their people.”

He added that tailored benefits can often provide a better deal for employees while also saving money for the employer.

The economic recovery has encouraged many workers to seek career opportunities.

“There are innovative and standard employee benefits that companies can offer which represent value for the business and the individual, but understanding your workforce and the need to support individuals’ varying priorities is vital,” he said.

There are many benefits a company can offer its employees like company cars, pensions, childcare vouchers and bikes for cycle to work schemes.

Mr Falivene said that relevant benefits can often be more compelling to employees than remuneration alone.

EY expects more firms in the region to look at their benefits offerings over the coming months.