With the war for talent raging harder than ever, companies across the board are catching on to the fact that a generous benefits package can be crucial in attracting new talent as well as engaging current staff. These come in many shapes and forms, from traditional benefits like a company car and bonus (often the meatiest), to new trends such as free breakfasts and wellbeing allowances.
Here are our Top 10...
01 Flexible Working
Topping our recent survey of the most important benefits to employees is flexible working. Made easier by technology, flexible working can cover remote working, as well as time off in lieu, flexihours, part-time options and more. Overall it usually means a better work-life balance, something that most of us (millennials in particular) would sacrifice a hefty chunk of salary to achieve.
02 Professional Development & Training
Since career progression is the number one driver of employee engagement, (and the main reason why people leave a job) having programs in place to help employees achieve their career goals can provide a significant benefit. Some companies offer this in-house– whether that’s industry-specific training, or more generalised courses like leadership or project management, while others may offer a ‘learning’ monetary allowance or pay for professional qualifications.
03 Annual Leave
Even if you love your job, chances are, you love holiday even more. Typical policies include offering extra days allowance every year you work, or ‘carry over’ or ‘buyback’ policies for flexibility. Some firms, including Netflix, Virgin and LinkedIn, have taken it further and implemented unlimited annual leave (although some argue that this leads to people taking LESS not more!).
04 Health Insurance/Wellness Benefits
For those facing unexpected illness or injury, it can be a huge relief when your company offers private medical care as part of the employment package. In addition to the medical, dental and optical cover, some employers will have a ‘wellbeing’ allowance alongside this to include spending on things like meditation classes, counselling or even therapeutic massages. (Don’t mind if I do….)
05 Performance Bonus
For some departments like sales or senior leadership, a bonus tied to individual or team performance can provide a significant uplift to an employee’s earnings. Again, it’s always worth checking the details of this to see exactly what you’re entitled to, and what you need to achieve to get there, as earnings depend on the individual scheme.
06 Gym Membership
Free or subsidised gym membership has gained huge popularity in recent years, coinciding with employers’ focus on wellbeing and the importance of physical activity on productivity. Some larger companies boast state of the art gym facilities on-site, which not only could save you a hefty sum on membership fees, but help you keep healthy too. Double win!
Although declining in popularity amongst employers, the company car can be a lucrative benefit, often adding the equivalent of £1000s onto an employee’s package. If you’re taking a job where you have to travel, it’s worth checking the policy on travel and company cars, as it could be a key negotiating point.
08 Profit-Sharing Bonus or Equity
These schemes are often popular with employers who want to provide a mechanism to incentivise employees to help grow the business. With profit sharing, a set portion of a company’s annual profits are distributed amongst employees, typically weighted by salary or seniority. Equity, where employees are rewarded with shares in the company that can be realised on sale or IPO, is particularly popular in the start-up ecosystem.
09 Free Breakfast
OK, so you don’t have to be Twitter, whose team of chefs whip up 3 paid-for meals a day for their employees, but plenty of companies are realising that cheap perks like a free breakfast can be a nice touch to create a more collaborative and positive atmosphere in the office. Coffee anyone?
10 Retail & Experience Vouchers
Many employers are choosing to partner with retailers that offer discounts to employees enrolled in the scheme. Typically, employees are often allocated ‘points’ to spent and can choose offers based on their own tastes – anything from free cinema tickets to discounts at the supermarket. Employees are able to personalise, meaning there’s something for everyone.
Headcount recruiters are well-versed in the strategies that attract hard-to-recruit payments specialists. Contact us today to discuss your hiring requirements.