How to Build A Competitive Employee Benefits Package
.AEmployee Benefits Package: Want to attract and retain the top talent? In the current market, a great employee benefits package is essential to building your best possible team. Jamie Goulding, Manager – Permanent Recruitment at Stelfox, guides you through the most important things to consider what to include in any offer.
In a recent survey by Thomson Online, 80% of employers said the top objective of their benefits package was to attract and retain staff.
In my opinion, a company’s benefits package will never be the sole reason someone will come to or stay with your company. However, it is definitely a factor and can be influential in turning someone’s head.
Employee Benefits Package: Get To Know Your Audience And Market.
When building an employee benefits package you must ensure that you cover the following:
- Understand what your current and potential employees actually want.
- Know what is being offered in their industry.
- Know what is common in the geographical market they are operating in.
- Be flexible in your offerings.
The Stelfox team carried out a survey recently and we saw work/life balance coming out as the most important factor for candidates looking for new jobs. As a result, if you offer benefits that give flexibility, in relation to working hours and location, it can make your stand out from the crowd.
2. Prioritise The Core Benefits Employees Want.
The strongest offerings we see from our clients give choices based on an individual’s need. As a result, we often see core inclusions such as health care, pension and bonuses being offered to all staff.
These core benefits are now seen as the minimum level to be included and are a must-have in any benefits package. Without these, your company may struggle to attract and retain top talent. The Thompson Survey, cited earlier, stated that nearly 1 in 4 employees do not feel valued as a result of their benefits package.
3. Include Tier 2 And Tier 3 Benefits Offers.
You must now look beyond these core offerings with supplemental tier 2 and tier 3 benefits.
For instance, tier 2 offerings come after your core offerings (health, pension and bonus). These should focus on work/life balance. These can really make you stand out and it can be key to attracting and retaining staff. These include things like flexitime, working from home, amount of annual leave and the ability to accrue more annual leave.
The amount of annual leave is something that we often see as a sticking point for companies coming from America. There, the average paid time off for someone with one-year employment at a company is 10 days. In Ireland, the statutory minimum leave is 20 days and in the tech industry. 25 days is pretty much the starting point with a lot of companies offering unlimited PTO.
Highly relevant to the Irish market at the moment is the flexitime/remote working benefit outlined above. With longer commutes, and more and more households having two parents working, having flexibility around hours to start and finish is vital.
4. Sweeten The Deal With Tier 3 Benefits.
Tier 3 employee benefits focus more on perks and add-ons. However, these are not necessarily what attract people to a company. They can be the cherry on top for people and help greatly with retention as employees feel highly valued. These benefits can include things like gym membership, technology items, gift vouchers, charity days, parking spaces and additional annual leave days. In this section, we have seen clients offering flexible benefits where employees can choose from different options that best suit their lifestyle.
If you design a competitive employee benefits package it can generate tangible results in terms of retention and productivity. With competition for talent being so fierce at the moment you must do what you can to gain an advantage. A strong employee benefits package is a proven, cost-effective way to do this.
If you’d like to chat more about creating an attractive employee benefits package, or IT recruitment solutions, call Jamie on +353 1 679 3182 or email email@example.com
Sep, 13 2018
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