One of the biggest problems facing companies is the attraction and retention of top talent. And let’s face it, with companies clamouring over each other to offer ever more enticing benefits and perks, competition is hotting up. So how important are workplace benefits and how do you stand up and be counted when competing to attract new talent?
Millennials have impacted the UK workplace
This is no secret. It is their increasing influence that has led to a shift in attitudes towards employer/employee relationship. In a study conducted by PWC, it was found that Millennials are placing a greater emphasis on being supported and appreciated than previous generations of workers. As a result, companies are looking for ways in which they can show support and appreciation to their employees that take a step away from the traditional method of remuneration and holiday time. This has given rise to the boom of employee benefits that employees are increasingly expecting when looking for a new role.
84% said that company culture is key
Having surveyed Pro’s recruitment consultants, a large majority mentioned that company culture and benefits were one of the key factors in influencing a professionals decision on whether they would apply for a job or not. At this juncture, it’s important to point out that these benefits aren’t exclusively for Millennials, older and more traditional professionals are benefitting from this cultural shift too. For example, popular offerings such as flexible working time give parents more opportunity to spend time with their families without the need to take holiday or unpaid time off. It has also been noted that 2018 has seen employers recognise healthcare, both physical and mental, as a key driver for employee benefits. Employee wellness benefits are mutually beneficial with a healthy and happy workforce resulting in increased productivity whilst reducing presenteeism.
So how do you get in on the action?
Well, whilst there is no one size fits all package available it is important that a benefits package is carefully designed and supports the business’ goals by attracting the right type of talent. You also need to ensure that you work within your parameters both financially and logistically. If you’re thinking of rolling out a benefits package it is really important to think of who you are trying to target and what their wants and needs will be. Once you have done this, time to build an attractive plan and watch the applications roll in and your existing employees high five you and tell you how happy they are!