Recent studies have revealed that salary alone isn't enough to keep employees motivated anymore. The benefits on offer are a massive contributing factor to whether or not someone accepts a job offer.
Recent studies have revealed that salary alone isn't enough to keep employees motivated and loyal to a company anymore. Whilst atmosphere, colleagues and location all feature highly, the benefits on offer are a massive contributing factor to whether or not someone accepts a job offer and how long they are likely to stay in a position for.
Below are some of the top benefits of offering employee benefits and why they can help to attract and retain high quality and productive employees.
- Due to financial constraints, it has become difficult for employers to offer generous salaries over the last couple of years. However, just because you can't out-do competitors with regards to how much you can pay your staff, you can take the edge by offering an attractive benefits package. Any savvy employee will know that benefits add up and when calculated, can frequently add up to more than being paid a higher salary.
- When applying for jobs, candidates will frequently look out for the benefits on offer because they can be very important. Not everybody can afford to pay into a pension or healthcare scheme every month so if a company doesn't offer this, it frequently doesn't get done which can be a concern for many. If somebody is torn between two job offers they will always go for the one that offers the benefits because they can have peace of mind that their company will be contributing towards a pension and/or any healthcare costs.
- Employee benefits come in all shapes and sizes and don't necessarily have to be directly linked to money. People are working longer hours than ever nowadays, which means that stress levels are higher and therefore motivation might be down. Flexi-working, half days, Friday lunches, company days out and even something as simple as bringing treats into the office are all great ways of boosting morale however.
- The world is changing and with both parents typically in full-time work, childcare has become an issue for many. Companies that offer flexi-working hours and the facilities for employees to work from home occasionally are going to appeal to a broader range of candidates which increases the likelihood of finding the perfect person for the job.
- Surprisingly, employee benefits don't just have to benefit the employee. As a great way of boosting morale and productivity, they can offer massive benefits to the company as well. If for example you are running a sales team, offering vouchers, lunches and even time off work that doesn't count as holiday to the top seller can be a great way of boosting sales, making additional money for the company and keeping your staff happy.
- If you are worried about the costs of implementing such benefits, think about the money you will save in recruitment costs and you may actually end up better off. Companies who have a high staff turnover not only develop a bad reputation, but they also end up spending an absolute fortune on regular recruitment drives and training for new staff. Throwing in a couple of free lunches or giving someone the odd afternoon off is well worth it when you think about the long-term future of the company.