The value of hiring the top talent for your business is vital when looking for success in a competitive industry. Bright young minds help drive businesses forward and making sure it’s your business they chose to work for will help you race ahead of your competitors.
A recent survey by business gift providers Adler has shown that offering attractive perks and benefits packages could be your route to success when it comes to recruitment. The survey asked 1,000 UK workers to assess the importance of going above and beyond the standard pay packet, and what types of benefits you should be offering.
The Importance of Offering Perks
The survey reveals that nearly half of workers (45%) would be happy applying for a job based on perks alone, and a quarter said they value benefits over their basic salary. This shows that it now takes far more than a monthly paycheck to draw people into applying for a job. Only 3% of people believe no benefits should be offered as a standard, indicating that now some perks and benefits have become an expectation, rather than a bonus.
Not offering employees some form of perks and benefits package will not only mean you miss out on the top talent in the industry, but it could also run the risk of employees leaving, causing staff retention to drop. This is supported by the survey with 43% of workers stating they would leave their job if benefits were stopped.
What Employees Want
So, we’ve discussed the importance of offering perks and benefits, but what is it employees are looking for from their company. The top five perks highlighted by the survey are listed below:
- Flexible working hours (48%)
- Pension schemes (44%)
- Performance bonuses (34%)
- Matching pension contributions (34%)
- Long service awards (28%)
Flexible working hours takes top spot. This is seen as extremely valuable to employees as it gives them more freedom to balance work with their social lives. Whether it’s making the school run, or dashing to a doctor’s appointment, squeezing the demands of our lives around a strict working schedule can be stressful. So, offering some flexibility when it comes to the shape of a working day will improve employee well-being, and their productivity when in the office.
The other four are all more traditional perks, which are now expected from most companies. Benefits such as those listed above make up the foundations for the perfect benefits package.
When creating your own perks and benefits package, it should be broken down into three sections, or a benefits pyramid.
At the bottom of the pyramid, you have the type of benefits employees have now grown to expect from their company. These include pension schemes, flexible working hours, and long service awards.
Next level up should include increasing these benefits depending on level of performance or length of service. For example, you can offer an increase in annual holiday for each year they work with your company. This is an added incentive to encourage staff to stick with you.
Feel good additions to your benefits package are extra rewards you might offer that are more unique to your company. Examples would be free food, company socials, or a games room. These add extra value to your brand and increase the morale of your employees.
Understanding the importance of these perks and what employees are looking for will put you in a strong position when looking to hire the best talent in the industry. Keep employees happy and make them proud to work for you by offering a generous benefits package with some extra incentives personal to your company.