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Talent Heroes guide to the employee benefits people actually want
Before accepting an offer of employment, most job candidates will want to hear about the benefits they can expect to enjoy at work. In this day and age, pursuing a career you are passionate about and receiving a generous salary is rarely enough to persuade your ideal candidate to sign on the dotted line.
But herein lies another issue…the perceived benefits of an employer can differ greatly to that of an employee. For example, you may think that performance-related bonuses are a win-win for all parties. But in reality, certain candidates prefer longer-term reassurances such as private medical insurance and a contributory pension scheme.
Therefore, it is crucial that you understand the wants and needs of your workforce when deciding upon employee benefits. After all, your choices not only affect hiring success rates, but also staff retention and morale.
In light of this, Talent Heroes has created a guide to the employee benefits people actually want.
The disconnect between staff and their employers
Did you know that the benefits, or lack thereof, influence 87 per cent of candidates in their decision to accept or decline a job offer? On top of that, more than a quarter of people say that an attractive benefits package improves a company’s reputation.
Employee benefits are crucial as a way to stand out from other employers, especially in competitive markets like development, where the candidate can be selective. Sometimes, companies with strong benefits packages don’t even mention them on the job ad. Stuart Wiggins of Robert Walters, a specialist employment agency
This research from Jobsite proves that when it comes to recruiting, employee benefits should be given precedence. Any employer that prioritises salary and doesn’t address the increasing need for a good work/life balance will continue to fall behind.
Employees want much more from an employer than a job and salary. Nowadays they expect a holistic package that includes incentives that are relevant to their particular circumstances. So it’s no surprise that benefits are becoming an increasingly vital bargaining tool to attract and retain the best staff. Moyra Rylands, Regional Director, The Association of Professional Staffing Companies (APSCo)
Bridging the gap
Even if you feel a disconnect between your perception of a benefit and that of your employees, this doesn’t mean things have to stay the same. It’s about being flexible in your approach to employee benefits, which can have a number of additional advantages too.
By reaching out to your staff and uncovering what they would be interested in on both an individual and collective level, you’ll be seen as a more caring and inclusive employer. In turn, this will result in a happy workforce that feels reassured their employer is looking out for them. Also, once they realise the benefits you have newly provided, this momentum will undoubtedly continue.
There is clearly a limit to what you can offer your staff, as many of their most desired benefits won’t be financially or otherwise viable. However, you could create a pick list of potential ideas and measure the response.
Not a one-time thing
So, you’ve identified the benefits your employees want to receive and are attracting some great talent to work for you. Job done, right? Unfortunately not. In order to maintain workforce morale, you will need to constantly innovate in terms of employee benefits.
There will obviously be the ‘contractual’ perks that are promised to new hires when they start. But as time goes by, the introduction of ‘ad-hoc’ advantages can surprise staff and provide them with greater impetus to keep performing.
Impromptu benefits don’t have to break the bank either. Ideas include pick of the office playlist, an official ‘sleep-in’ day, the best parking spot for a week, or some sort of professional development.
Food for thought
Take the time to curate employee benefits. They may seem fleeting, exorbitant, or even unnecessary at times, but the right employee benefits can win over would-be staff and retain existing personnel.
Also, bear in mind that some benefits may offend certain people on the grounds of religion, age, sex, or class. They may also be useless to others, like childcare vouchers for staff with no kids.
Talent Heroes is a people business. We’re contracted by clients to work in house, attracting and hiring an unlimited number of staff, for an all inclusive monthly fee.