As we all know, the high inflation that has marked this year that has just ended has caused a loss of purchasing power in Spanish families. In addition, the increase in mortgage and rental prices has reduced the budget that Spaniards spend on consumer, leisure and health activities. In this context, company compensation and social benefits have become more important than ever and have become an essential incentive to attract and retain talent. Kenjo, human resources software, explains which are the social benefits that companies in Spain offer the most to retain talent, as well as to help their employees face rising prices.
The main social benefits of companies this year
According to data from the Ministry of Social Security, until September 2022, more than 54,000 people with indefinite contract they have left their job voluntarily, which doubles the number of the previous year, when on the same dates 22,839 had done so. For this reason, having complementary social benefits is key to maintaining employee satisfaction and retaining talent.
To this retention of talent must be added the economic and security factor that these coverage services have acquired due to inflation, which leads employees to rely more and more on them. These are some of the benefits that companies can offer to deal with inflation:
- Training grants. Training in aspects related to work or languages is key so that workers can continue to grow without extra cost to their economy. In 2021, more than five million people were trained, according to data from the latest Fundae report. “Having the option of using this route means avoiding a significant additional cost for workers at this time and helps boost their professional development,” says David Padilla, CEO of Kenjo.
- Access to private health coverage. Another of the benefits that companies in Spain offer the most and that employees value positively (especially as a result of the pandemic), is fully or partially subsidized access to health insurance. “These options, in addition to offering better hours and conciliation, allow access to professionals such as psychologists or physiotherapists, thus allowing workers to save considerable costs,” says Padilla. “In addition, and in relation to health, at Kenjo we give employees the option of receiving free and unlimited online psychological therapy: a benefit that more and more companies are offering,” she adds.
- Flexible compensation. In addition to the social benefits (that is, the financing of the services by the companies), another of the benefits that have been offered (and demanded) the most in 2022 has been the flexible remuneration, which consists of being able to choose not to pay all taxes the salary to allocate part of it to essential services such as childcare, courses or restaurant checks. “This system, increasingly integrated in Spanish companies, allows a small saving that is very helpful for workers, taking into account the inflation situation we are experiencing”says Padilla.
- Help for family reconciliation. “Measures without direct economic implication, such as a flexible or reduced working day, are also providing financial aid to families”, they point out from Kenjo. For example, this type of benefit allows families not to have to delegate the care of their family to professionals. “Likewise, more and more companies offer childcare or training services for children, which is a boost to their parents as well as a loyalty action”, They explain from Kenjo.
Faced with inflation, which according to the latest data for November stood at 6.8%, David Padilla points out that “Companies have an opportunity to retain their employees by offering social benefits and digitizing their human resources network to offer a positive work environment and boost their feeling of belonging to the organization.”
