collaborative post // Any business that is looking for the best possible hires for their position knows that it’s about more than just the salary that you pay. It’s about what it’s like to work there, in total, including the company culture and the often-overlooked question of benefits.
Benefits can help retain team members, especially in competitive markets, and can serve as excellent motivation to improve their performance. Here are some of the types of benefits that tend to work the best at winning employees over.
One of the most prevalent trend shifts in the workplace over the last decade has been the continuing move of the workforce from the office to the home.
Whilst it was hastened considerably by COVID-19, this was a trend that was already underway and, to many, seems inevitable. Increasingly, employers are feeling the pressure to allow for some flexibility, or they can lose out on clients to those that do.
Flexibility can include some autonomy on where the employee works, be it in the office or at home, as well as flexibility in when they work. An employer has to work to ensure that remote working is implemented effectively into their business, however.
A workplace that offers what they need
If your employees are expected to spend a lot of time in the office, or whatever workplace you provide, then you may want to ensure that it provides more than just space to work.
It should also fulfil what needs may arise as a result of them spending so much time there. Aside from having the right tools and equipment in the workplace, it should also address needs such as relaxation during breaks, family matters, and health.
As such, you can look at installing a break room that gives your workers real space to decompress when they are on their break, while other businesses may look at adding facilities like gyms or even daycare.
Health and well-being considerations
In some parts of the world, a worker’s ability to get medical treatment without heavy cost is often tied to their job. Adding insurance as a benefit is a very common strategy for these places.
However, even where employer-provided insurance isn’t the norm, due to things like public healthcare, it can still be greatly attractive, especially if it covers things that are typically private, such as dental cover, optical cover, or physiotherapy.
Moreover, employers also offer coverage for personal injuries through their insurance plans. However, in order to receive proper compensation, it is crucial to have a thorough understanding of the insurance plans & coverage.
Thus, consulting a professional is the right option. Or you can visit URL here to learn more about the available plans and obtain detailed information regarding the types of coverage offered. This resource will provide you with comprehensive knowledge about the different coverage options available.
It doesn’t necessarily have to be insurance, either, with options like a health cash plan effectively serving as a savings pot that each employee contributes to (as part of their overall compensation plan, not out of their wages), that is then used to fund medical needs.
Not only does it take care of a source of financial anxiety for many, but it indicates that you, as an employer, are truly invested in their wellbeing.
Future financial stability
Another one of the most common benefits offered by employers is a contribution towards a pension. The seeming lack of employment opportunities that offer future security is a common source of anxiety amongst the working population.
With more people expected to hop from company to company during their career, the company that offers real retirement plans for their employees are those that are most likely to keep them for a lot longer.
Options such as group personal pensions can ensure that each of your employees is able to benefit from future planning, as well as the tax relief that pension savings can offer them in the here and now.
Training and development
People care about more than their compensation, they care about the work that they do, as well. If you want to hold onto your team for longer, then they should have a secure place in your company, which they will often only feel if there is a path for progression.
Implementing training programs into your business, offering help with scheduling and affording training classes, and setting out development plans with your employees will make them much more likely to stick around.
Be mindful of how you fill your positions, too, as, if you hire from outside instead of promoting from within more often than not, it signals to employees that they don’t have a promising future at your company.
Simply adding one of the benefits mentioned above isn’t going to be enough to ensure that you are a competitive employer who is able to hold onto their best talent. But it can go a long way in helping you sway your team, making them harder to lose and harder for others to poach.