More than ever before, the full remuneration package is being considered by candidates as they consider their career options. And when we say "remuneration" this now goes well beyond the tangible financial parts of the package on offer.
75% of employees are more likely to stay with their current employer because of their employer benefits package
To start thinking outside of the box, we have provided an example of some of the benefits that are being offered by employers in order to help them differentiate from the competition.
Healthcare packages - including all the extras, as well as immediate family cover
Enhanced pensions - some employers are offering up to 10% matched pension
Car / Car allowance - not just for the "on the road" jobs
Buy / Sell Holiday allowance - not everyone needs the same, this offers flexibility for everyone
Life Assurance - often up to 4x basic salary
Bonuses - from performance (personal & company) to retention bonuses for key milestones being hit
Share options - a reward that encourages long-term engagement
Season ticket loans - with public transport costlier than ever, this can be critical to make travel affordable
Flexible working - genuine flexibility on when and where employees work in order to fit around personal commitments such as the school run
Free drinks, fruit, lunch - it doesn't have to be much but every little contribution counts
Early finishes - as simple as it seems, it does raise a smile to tell people they can finish early on a Friday!
Company days - socials, team building, charity work
Investment in training - not just to work related topics but anything that promotes self-development
Gym membership Childcare vouchers Cycle-to-work scheme
Now many of those may be familiar. If you want some slightly left field options that we have seen on occasion here are a few more ideas:
Duvet days - the ability for an employee to take a last minute holiday (not always practical I know but where it can work, it's popular)
Employee benefit subscriptions - these companies offer a variety of chosen benefits to employees such as high street discounts, one time offers etc
Sponsoring and/or participating in charity events (i.e. Volunteering, marathons, physical challenges etc).
Pool tables / table tennis / computer consoles in the break out area
Of course, you can't offer everyone absolutely everything. Let's be practical. However, the more you consider the small add-ons and the more you shout about them, the higher the likelihood that your employees will want to stay and potential employees will want to join.
69% of employees would choose one job over another if it offered better benefits
To discuss how you can both attract and retain the best talent in the market, please get in touch by clicking the following link. https://www.harrislord.com/contact
