Years ago, employee benefits were provided by far and few. There was little to no expectation from job seekers for employee benefits to be part of their job offering. However, over the years, benefits have become a new normal, an expectation, rather than a pleasant added extra.
If we think about what we need to have for employees, we think of salary budgets, PCs, laptops and even tea and coffee making facilities. But benefits are making their way into the list of need to haves, rather than being a nice to have.
The uptake in employee benefits leaves employers with the new challenge of providing their staff with more than just a salary.
So, what makes these benefits a need to have, rather than a nice to have? Let’s take a closer look…
Employee benefits and attracting talent
It’s useful to remember that the candidates you are interviewing may have multiple interviews to attend. Multiple interviews can easily lead to multiple job offers. When accepting a new role, candidates tend to consider salary, hours, location and benefits. Chances are, one of these job offers provides employee benefits which could be a deciding factor for your candidate.
So, if you want to attract talent, these benefits are a need to have, rather than a nice to have.
Recruiting talent is one thing, but retaining talent is another. Even after a contract of employment has been signed, it’s your responsibility to retain staff. Flexible working hours and an outstanding employee benefits package are two common factors that retain staff. It’s also important to remember that retaining staff saves time, resources and costs when it comes to the recruiting and training of their replacement.
Supporting your teams needs
The days of just providing a salary are coming to an end. Both Millennial and Gen Z workers have reported preferring a higher salary followed along with a benefits and perks package. Employee benefits are becoming more of an expectation, placing emphasis on the importance of providing them.
As you will now know, employee benefits are becoming more of a need to have, rather than a nice to have. If you would like to find, please contact us and we will be happy to help.