Are you offering a benefits package that is going to attract and retain top talent?
We have seen a large shift in working life, and a competitive benefits package can make all the difference when it comes to attracting and retaining talent.
The pandemic has forced a re-evaluation for many individuals. Prior to this, many employees focused on job security and fair compensation, but post pandemic we are seeing a different story.
Employees not only want to feel invested in the work they do and rewarded sufficiently for it, but they also want to see that their employer is enthusiastic about the same things they value.
As an employer how can you achieve that alignment? A competitive benefits package.
Job benefits are the number one question we are being asked by candidates. What are the remote working options and what does the benefits package actually look like? King Recruit works with a large number of SME’s who are asking themselves the same question, is the benefits package they are offering competitive enough?
To help answer these questions, King Recruit surveyed over 200 people to see which benefits are important to them. Nearly 60% of those surveyed said that the option for remote working was one of the main priorities, coupled with salary, and company culture showed a key factor in candidate’s consideration.
According to EBRI (Employee Benefit Research Institute), 78% of people said that the employee benefits offered is extremely important in their decision to accept a job. And Gallup research established that employees who are engaged and successful are 59% less likely to look for a job with a different company in the next 12 months. Giving employees a sense of purpose can aid them in feeling that they are working towards something that is meaningful.
Following the survey we have surmised the top 3 actions to ruminate in order to ensure you are offering a benefits package that will not only attract staff but retain the top talent you already have:
- Offer hybrid working. Our survey showed this is the most important benefit that you can offer as an employer. Enforced home working by the pandemic proved that productivity doesn’t have to suffer, and actually can be increased due to the elimination of daily commutes and direct meetings. A hybrid offer can help job satisfaction to flourish through a mix of remote and office working, resulting in a better work life balance and more flexibility, but also enabling the employee to still benefit from face to face connection when in the office.
- Create a forward thinking culture. A toxic culture can push away top talent and a forward thinking culture is more than ever being viewed as an integral part of the benefits package. If the culture and ethos doesn’t fit with the candidates, you will struggle to win the war on talent acquisition against your competitors.
- Involve your employees and create a benefits package that suits your business and team demographic. A benefits package should encompass all the rewards, perks and benefits that you offer, not including salary or any bonuses or commissions. They can be an extension to the employee’s salary, helping them go further and adopt a healthy work environment. Evaluating your business and offering a benefits package that aligns with your values, culture and employees needs will showcase you as a dynamic and progressive employer.
- A competitive salary, a considered benefits package and a forward thinking culture are critical aspects to candidate’s deliberations when looking for that next role and company, so take time to get it right. Do your research, see what else is out there, study your current employee’s and think outside the box in order to create an offer that candidates will find impossible to refuse.
Employee loyalty can be hard to earn, especially in today’s market, but it resoundingly leads to better business success.
King Recruit joined forces with James Caan CBE and award-winning investment firm Recruitment Entrepreneur in July 2021. Recruitment Entrepreneur is one of the most successful private equity investors in start-up to scale up recruitment businesses.
King Recruit helps businesses to expand by finding game-changing talent. With our partner-led approach and expertise in all aspects of talent strategy and hiring.
If you have any questions about how to set up a benefits package or whether your package has a leading edge, get in touch, we would love to hear from you. You can call us on 01392 790725 or email firstname.lastname@example.org.