In a workforce where job opportunities are abundant, attracting and retaining top talent has become more challenging for companies that aren’t offering job-related perks. Aspiring professionals are always looking for the next best opportunity, and can you blame them? The question is, what can you do to ensure that your business is the next best opportunity?
Perks perks perks! Offering a comprehensive employee benefits package could very well be the deciding factor for potential employees weighing up multiple job offers. Attracting the cream of the crop is only half the job - what are you doing to nurture them? For businesses, placing a strong benefits package on the table can mean the difference between a high turnover rate and a stable, motivated and engaged team.
What Makes a Benefits Program Comprehensive?
It's important to offer a variety of perks that your team can benefit from, such as health support, debt assistance, or self-development courses. Ultimately, you want to add value to your employees lives, so don’t underestimate little things like supermarket savings, nutritional advice or discounted movie tickets. These are all benefits that can make a significant difference in your team’s overall job satisfaction.
No two employees have the same needs and desires for their ideal lifestyle. We believe that a comprehensive benefits program is like a package containing something for everyone. For example, a young professional may prioritise financial guidance, home loan advice and new car deals, while a more experienced working professional may value travel discounts, free credit reports and health screening. By offering a variety of options, companies can ensure that their benefits programs are meeting the diverse needs of their workforce.
How Can Employee Benefits Attract and Retain Top Talent?
With challenges around increased competition, technology and automation, diversity and inclusion, and shifting employee expectations, building a committed team of expert employees is no walk in the park.
To overcome these challenges, you need to start by defining what sets your organisation apart from your competitors. What can you offer your employees that other companies aren’t? Providing valuable perks and incentives that align with the needs and preferences of your team is what will help you stand out in a flooded job market. Aim to create a culture of commitment to the well-being and professional growth of your team members.
On top of offering a comprehensive benefits package, here are some more ideas to help you captivate and keep your top talent:
Communicate the value of benefits
It often happens that potential employees don’t fully comprehend and appreciate the value of a comprehensive benefits package. This is why it’s critical that companies don’t simply include the program in their employment offering, but clearly communicate the positive implications it could have on their day-to-day lifestyle, as well as its potential long-term value.
Choose an easy administration process
Efficiency and convenience have become an expectation with the evolution of digital technology. Offering benefits that are easily accessible and manageable through an online platform can enhance your team’s employee benefits experience. Streamline your employee benefits programs online to reduce HR administrative burdens, and allow your team to make the most of their benefits.
Prioritise rewards and recognition
Rewards and recognition don’t only show employees that their hard work is appreciated, but also serve as a powerful tool to boost morale and engagement. In an effort to offer convenient benefits, administrative and delivery solutions across the HR department, and provide the most value for our customers, we are proudly partnered with pirkx, an employee wellbeing-focused benefits provider. In addition to their wide variety of benefits and rewards, pirkx offers a “kudos” system that allows managers and colleagues to show one another appreciation through words of affirmation.
Takeaway
In today’s job market - with employee wellbeing being at the forefront of the future of work - comprehensive benefit packages cannot simply be viewed by companies as a nice-to-have, but rather as a necessary component of a successful workplace strategy. If productivity and profitability is a priority in your organisation, then employee engagement and job satisfaction should be too.
So, what are your next steps? Invest in your team. Offering potential employees a wide range of perks will attract a diverse workforce of the very best talent, bringing a variety of new perspectives and skills. Partner with SubscribeHR and pirkx to set your team, and your company up for success.
Here at SubscribeHR, we free up your time by automating HR processes throughout the employee life-cycle. You're left with a lot more time to focus on what matters most: the people. Want to find out more? Check out our free whitepaper on storytelling for HR.
