Studies show that a competitive benefits package can have a significant affect on a company’s success in attracting and retaining employees.
A recent Society for Human Resource Management survey shared that using benefits as a tool for recruitment and retention reported better overall company performance and above-average effectiveness, compared with companies that do not.
According to Glassdoor’s Employment Confidence Survey, around 60% of workers report that benefits and perks are a major factor in considering whether they accept a job offer. The survey also found that 80% of employees would choose more benefits over a raise in pay!
Cool perks and benefits?
A LinkedIn survey found that ping-pong, yoga, and free food are nice, but they really aren’t that important. What employees care most about are core benefits, like health coverage and paid time off.
According to the Glassdoor survey, employees prefer:
Ask your employees what they really want. Make a survey and ask them! You may find that you spend money on benefits that your employees don’t think are as important as others they suggest, but you won’t know until you ask.
Ask your candidates. You can simply include a question in your interviewing process. It will show you care and make your company stand out from the rest.
Companies need to offer benefits that meet the needs of all employees and brings real value to their lives.
Create a benefits policy. Make it official! It’s important that all employees have a clear understanding of how the benefits program works. Make it fair, make it transparent.
Design and implement. First, calculate the amount you want to spend per employee, then make a list of benefits your employees want and calculate their worth. Now your employees can mix and match their benefits to get what they want.
Educate and promote. Once you have your benefits program ready, it’s time to introduce it to your employees. Create a campaign to inform your employees about the program, and the ability to customize it. Get them engaged and excited about the process.
This may sound like a lot, but if you put in the time and effort, you will see the difference in your retention and recruitment.
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