The power of the irresistible benefits
Many employers consider salary to be the most desirable asset from an employee perspective. Sure they matter, for some roles more than the others, however, the higher you go on the seniority the more prevailing becomes the importance and the weight of the bonuses, ESOP plans, and additional benefits on the platter. Competing on the basis of the salary can push you to play the game of numbers - in reality, it’s the additional benefits you offer to your employees that will tint the scale to your side, especially for Gen Y and Z, making the most of the current workforce now.
So how serious is this number? According to The Harvard Business Review, 80% of employees would opt for extra company benefits over a pay rise. Pretty serious indeed…
The link between the benefits and retention
Ensuring your employee benefits are rewarding and unique, will attract new talent and make you their number one choice. In fact, 69% of employees would be more inclined to choose one job over the other if the company offered a better benefits package.
At the end of the day, your company is succeeding because of the hard work your employees are investing to make it grow and thrive. With 75% of employees being more likely to stay with their current employer if they provide attractive benefits, you don’t want poor company perks to be the reason they leave you to join one of your competitors.
The benefits you offer are crucial to employee satisfaction, which is the driving force for retention rates. In a report by Zoro, 72% of employees said having more work benefits would increase satisfaction within the role.
Benefit must-haves
Unless you were in the cave for the past 1.5 years you might have noticed that the ways of working are no longer the same. Sanity, health, and purpose of what you do take a bigger role and importance in our minds. A Covid-19 infused shake-up resulted in a swap of life priorities and with that, a shake-up to how we perceive our jobs.
Though the most desired perks differ depending on the age group of yoru employees, you can increase employee satisfaction by incorporating some of the following benefits into your package:
Flexible hours & remote option: 9-5 has a questionable future. Base the role on outcomes, not hours.
Healthcare & Fitness package: cover both mental and physical health
ESOP plan & options for partner organizations
Bonus scheme: Tie the achievements to the team level, not an individual
Pet-friendly offices: this may seem like an unusual benefit to offer, yet, 42% of working millennials believe a pet-friendly workplace would improve their work-life balance.
Many companies will struggle to reward employees with pay rises but every company can feasibly introduce a rewardable benefits package. In doing so, this will both draw in new talent and help build loyalty that your existing employees simply won’t want to break.
Btw, his name is James
