A generous benefits package is now an expectation for employees – and could be the difference between success and failure in the race for top talent.
What do people look for in a new job? Beyond the job description itself, candidates are lured by a combination of factors, including an organisation’s brand image, reputation and working environment, the potential for career growth, and of course a decent salary. But in addition to these, benefits packages are increasingly seen as a key factor when considering a job offer.
With this in mind, organisations should carefully consider what they offer their staff beyond their basic salaries. A meagre benefits package could reflect badly on your organisation, while a generous, forward-thinking package could give you the edge in the recruitment market.
The benefits are clear
Benefits foster employee engagement, better ways of working, improved work-life balance, and employee health and wellbeing. In turn this shows employees that they are valued, respected and supported both inside and outside the office.
For the organisation, the advantages of having a happy, healthy and well-engaged workforce are clear. Happy employees tend to be more productive, more creative and more loyal – something that’s particularly important considering today’s declining employee retention rates.
Beyond traditional benefits such as pension contributions and private health insurance, modern trends have opened up a whole new range of benefit options designed to promote employee engagement and wellbeing, from flexi-time and remote working to fitness classes and mindfulness sessions.
Organisations will have to move with the times to keep their employment offers interesting to potential new recruits, while also considering the needs of different age groups. In order to cater to everyone, employers could consider a customisable and flexible benefits packages rather than a one-size-fits-all approach.
Once you’ve come up with an attractive benefits offering, it’s critical that your employees know exactly what’s available to them. Beyond major perks such as a company car or pension scheme, fringe benefits often get lost in the small print, meaning employees never take full advantage of what’s on offer.
One way of communicating the extent of your benefits offering is via total reward statements (TRS), which provide each employee with a tailor-made view of the total value of their employment package, including basic salary and any benefits they are entitled to. A TRS attaches a monetary value to benefits such as a pension, company car or health insurance, showing your employees the true extent of their rewards package.
MHR’s innovative iTrent solution now features a total reward statement, allowing employees to see the full extent of their employment package within Employee Self-Service. Employees have 24/7 access to their TRS, with any changes made to salary or benefits reflected instantly.