For businesses looking to recruit today, attracting and retaining talent comes down to much more than the base salary of the position on offer. These days, candidates want more from a position – a good working culture, visible progression, and a good benefits package.
Employee benefits have been around as an incentive for workers for a long time, but with the working world today looking awfully different from the one we were used to only 18 months ago, they’re arguably more important than ever before.
Here, we’ll look at why employee benefits matter and what benefits candidates seek out the most in today’s market.
Why should a business offer employee benefits?
Good businesses are built on good people, and to attract good people you need to put together an attractive package that appeals to candidates more than that of your competition.
One of the biggest challenges facing businesses today is the prospect of retaining the best talent in the market. Thus, employers need to offer applicants a complete package, of which employee benefits play a significant part.
A solid benefits package doesn’t just get employees through the door; it keeps them happy. Good benefits mean a happier workforce and a happier workforce means a more productive workforce.
Particularly in saturated markets where competition for talent is high, top employers can ill afford to underestimate the importance of incentivising roles. If you don’t offer valuable benefits to your employees and applicants, you’ll almost certainly lose them to someone who does.
What are the top 10 benefits employees look for?
Signage printing experts instantprint recently put together a survey on employee benefits in the UK, looking not only at the top benefits out there according to workers but also employee satisfaction in regard to their benefits package. Interestingly, the survey found that many UK workers were dissatisfied with their current incentives, with 44% of respondents claiming that their current benefits package doesn’t fit their requirements.
There’s an opportunity for prospective employers here, but where do candidate interests lie when it comes to benefits? The survey found the top 10 most desired benefits to be:
- Flexible approach to hours: 45%
- Dentistry included: 43%
- Flexible approach to working from home: 32%
- Eye health contributions: 31%
- Bonus scheme: 28%
- More annual leave: 27%
- Free meals: 27%
- Free snacks: 26%
- Higher contribution to pension: 24%
- Parking included: 24%
The results are somewhat indicative of the new, post-pandemic working world, with workers prioritizing flexible working and healthcare benefits over the likes of previously more popular social perks, such as events and parties. As such, businesses with more traditionally structured benefits packages may wish to review their incentives to suit a workforce whose priorities have shifted.
Today, employee benefits packages offer insight into what a business culture may be like, as well as offering upfront incentives for candidates to join. With the likes of flexible working and increased healthcare perks the new normal, many businesses will be playing catch-up to ensure their benefits package is good enough to attract the best talent.
