While pay is still one of the most important factors when it comes to attracting the best talent, it also takes a lot more than money to keep employees fully satisfied.
Offering bespoke benefit schemes, flexible working and reward packages for your employees can be a great way to not only attract the best talent, but also to keep the best talent in the job market.
In fact, research has shown that when employees reach a certain level in their career – and this applies particularly to high-level talent – they become increasingly concerned with work-life balance, task rewards and job satisfaction. So much so, that some employees will leave roles that pay more in pursuit of greater job satisfaction.
so what can you offer talent, other than a pay rise?
This can include a range of benefits, including super funds, health insurance, company cars and parking spots. All of these things can attract and retain great talent, particularly if they include items that will specifically benefit the daily lives of employees.
A flexible work pattern is a very attractive prospect for many employees – this can include allowing flexible holidays, working hours, volunteering time and moving days off.
bespoke benefit scheme
The most important thing to avoid when offering benefits is a generic benefit package. A great way to tailor benefits to employees is to allow employees to choose the most important benefits to them, and allow them to create their own bespoke package for employment. Not only will they be happier about the choices they have, but they will also feel like they got to choose what they need/want when it comes to work benefits.
When you implement a flexible benefits scheme you can also adjust the scheme to reflect the current job market. This shows that you are fully aware of the work situation that employees face.
As workplaces become more diverse, the standard provision of benefits where everyone receives broadly the same is becoming a thing of the past. Flexible benefit schemes are becoming an increasingly popular way to attract and retain the best talent.
Creating a compelling and original benefits program can be a great way for smaller employers to gain an advantage in attracting and retaining employees. And designing and administering a benefits program that aligns with company values is often easier and more affordable for smaller organisations than offering a pay rise.
Of course, flexible benefits aren’t always the right solution, so a feasibility study could be a good idea. There are also up-front costs to be considered.
conventional and unusual benefits
Benefits are constantly changing. Some people are looking for car allowances, maternity leave over and above the statutory minimum, childcare support and health club membership.
Sabbaticals are also becoming more and more popular – time away for employees to study or travel between work commitments.
Other benefits include fruit at work, massages, discounted gym membership, “peternity” leave after the death of a pet or time to settle in with a new pet. Some companies also link up with local restaurants to offer discounts and free breakfasts for staff.
Conventional benefits can also be rewarded, such as covering travel expenses and can help with buying bicycles to tick off eco-friendly
The best way to find out what your employees really want is to ask them! Conduct a survey to find out what your employees value the most, and then put it into action. Just make sure that if you ask – you follow through on the results.
Posted: Friday, 19 May 2017 - 9:00 AM