The hiring process can be costly and time consuming. To avoid the cycle of frequently advertising jobs, interviewing candidates and training new hires, it’s important to not only attract great candidates, but to retain them.
One of the best ways to do this is to offer a range of benefits that make employees feel valued. Money isn’t everything, and while a competitive salary can be very attractive, it’s not always the most effective method of employee retention.
It’s important to consider your benefit package and to weigh up how attractive it is compared to those of your competitors. If a candidate is choosing between two similar roles at different companies, the perks of the job can often be a deciding factor.
Benefits are particularly appealing to millennials. In a report based on hiring data for 30 million applications, Glassdoor found that 90% of 18-to-34-year-olds would prefer benefits over pay. This demographic now makes up the largest proportion of the workforce, so it’s worth considering the impact that a great benefits package could have on the future of your business.
In a study based on their internal data, Glassdoor reports that 57% of job candidates say that benefits and perks are among their top considerations before accepting a job.
They found that the top 5 pieces of information that job seekers look for before applying for a job are:
By ensuring that your job adverts supply this information, as well as making your offerings competitive, you can hope to attract more applications for your new roles.
While social events, pool tables and free beer on Friday afternoons are nice to have, they’re not actually as valuable to the workforce as some employers might think.
Popularised by tech giants in Silicon Valley, these types of perks might sound attractive in a job advert or at interview, but often they offer a cheap, short-term solution that focuses on workplace culture rather than the mental, physical or financial wellbeing of staff.
Gimmicks may attract employees but they aren’t going to lead to staff retention, unless they are coupled with the benefits that people actually care about. Fast Company found that more than 70% of companies say that their employees value experiences over things.
As well as the more traditional benefits such as generous annual leave, a great pension plan and private health cover, here are some suggestions that will help to keep your team content:
We’re experts in finding you top talent that is also a great fit for your workplace, leading to greater staff retention. Simply get in touch with us to find out more about how we can assist you with your staffing requirements.
Philip specialises in: Senior, Director and C-Level roles in Digital Marketing
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