When looking at hiring and retaining top talent, do you compensate your employees and attract new hires with a top notch salary, aiming to beat what is being offered by the competition? This should surely be enough to attract and retain the best talent, so there’s no need to spend more money on perks, surely? Not necessarily. In 2021 a competitive salary is no longer enough.
Current trends show that with employment figures changing in the UK over the past few years, employees are now able to be more selective when looking for new opportunities. This means that in order to attract employees that not only bring the right skills but also dedication and strength to your business, companies need to be doing everything they can to stand out from the competition.
Offering a competitive salary is definitely a plus, however to attract quality employees companies will need to also offer out of the box perks and an employee benefits package that takes out the competition. Offering competitive benefits also works towards your free advertising, in that your employees will discuss with their peers how great your organisation is, extending your reach and attracting new potential candidates.
It is a well known fact that hiring a new recruit can be an expensive exercise, including not just advertising, but the costs of time, agencies, legal, onboarding and training, nevermind the disruption and the risk of not having a good culture fit.
Employees no longer just compare salaries when looking for future prospects. They also want a good benefits package and perks, weighing up all aspects. These benefits become an important part of an employee’s daily life, and as such act as a good incentive to keep them from looking elsewhere.
Offering employee perks and a good benefits package shows that you care about your staff and that they are important to you. Good benefits can help with preparing for unforeseen circumstances, reducing the stress of childcare or financial woes, improving education and staying mentally and physically fit.
Throwing in extra perks like discounts on work-from-home accessories, snack bars in the office or even allowing pets in the workplaces show your employees that you are prepared to go above and beyond to make their workplace - be it at home or in the office - a good place to be.
Even having a quality bean-to-cup coffee machine is a must have that can go a long way to improving morale and engagement - after all much of your team-building may happen around grabbing a quick cuppa together.
Investing in a good benefits package with some trendy perks is therefore also investment in a positive employee experience, which in turn improves productivity, creativity, cohesion, and of course, loyalty.
Surely having a good employee who knows how to do their job and gets paid well to do it should be enough for productivity? While this school of thought has its merits, offering good perks and benefits that remove everyday worries will improve focus and productivity, as you will allow your employees to give their all to the job rather than taking up time and energy sorting out aspects of their lives that their benefits may cover.
It has also been proven that learning increases employee happiness, so perks that include ongoing education opportunities also improve motivation and morale, which equals better engagement, which in turn leads to improved productivity.
Offering your employees access to top notch benefits and perks will help keep them healthy, financially stable, motivated, and all those things that keep them working at their peak. This means fewer sick days, less stress, more creativity and motivation, and an all round good employee experience.
A good employee experience then also improves retention, engagement and performance, which has a direct impact on your customer experience. After all, happy employees will strive towards ensuring happy customers, and happy customers drive ongoing business which improves your bottom line.
Providing employee perks and a good benefits package is integral to maintaining happy, healthy and most importantly motivated staff, with the benefit of also attracting and retaining top talent. Employees that feel happy, secure and valued will strive to always be on top of their game, ensuring that your business runs smoothly, optimising turnover and ongoing future success.
now to find out more about how Staff Treats can optimise your perks package.