How employee benefits can help you attract top talent in 2023.
As the job market continues to flourish in Ireland, companies are struggling to attract and retain top talent. While some industries have experienced job losses, the high cost of living and negative news surrounding job cuts have caused a decline in the number of candidates actively seeking new positions. To address these challenges, companies need to offer attractive benefits beyond just financial security.
A good compensation strategy is key to recruitment and retention and plays a major role in attracting new employees. However, a competitive salary is not the only factor that candidates consider when deciding whether to accept a job offer or not. A comprehensive employee benefits package can also be a major factor in attracting top talent. Over the past decade, employee preferences and expectations have shifted, and since the COVID-19 pandemic, the overall employee experience has become a key motivator.
To differentiate themselves and their employee value proposition, companies can create a menu of potential benefits and rewards that employees can choose from. This approach can also help reduce the focus on short-term salary adjustments when budgets are restricted. For instance, younger employees may be more interested in incentives and bonuses that reward their performance, while older employees may prefer a pension scheme and the contributions on offer.
Based on our observations, here are five benefits that employees are increasingly looking for:
Four-day work week: The concept of a four-day workweek is gaining traction worldwide, with a rising number of employees pushing for it and employers exploring its potential productivity advantages. However, the advantages of a shortened workweek go beyond that. It can bring about positive effects on health, environmental sustainability, and gender equality. It also allows people to have more leisure time to spend with their loved ones, pursue further education, and fulfil caretaking responsibilities. We believe that this trend will continue to gain momentum this year.
Work from home: The ability to work remotely has become a standard expectation for many employees, especially given the rising cost of living. This also provides companies with the opportunity to reduce overhead expenses. Offering employees the opportunity to work from home can attract top candidates who value work/life balance.
Early finish on Fridays: Even if a four-day work week is not feasible, offering an early finish on Fridays can help promote work/life balance. It is also a low-cost way to boost morale in the workplace, increase productivity, and leave employees more satisfied.
Health insurance: Employees are increasingly valuing health benefits, especially in light of recent health concerns. Offering insurance support can help attract and retain top talent.
Education and career growth opportunities: Providing opportunities for professional growth can help demonstrate a company’s investment in its employees, and can help attract new talent as well. This could be as easy as arranging industry expert guest speakers and seminars for employees.
What are examples of employee benefits?
Flexible workforce rewards that companies can offer include;
Health insurance,
Extended compassionate leave
Parental leave,
Promotional opportunities,
Safety-first culture,
Gym memberships,
Flexibility to attend school functions,
Company shares,
Additional annual leave – for above expectation job performance,
Company-paid holidays for high-performing individuals,
Employer of the year rewards,
Flexible working hours,
Remote working,
Mental health support,
Volunteer time off,
Additional paid time off,
Health and wellness benefits,
Company culture events,
Professional development opportunities,
Childcare assistance,
Employee recognition programs,
On-site amenities,
Transportation assistance,
Signing bonuses,
Free food
Pet perks.
In conclusion, companies need to offer a comprehensive employee benefits package to attract and retain top talent. A competitive salary is not enough, and benefits can differentiate a company’s employee value proposition and reduce the focus on short-term salary adjustments. Companies need to focus on the overall employee experience and offer benefits that align with their employees’ preferences and expectations. By doing so, they can attract and retain top talent in a highly competitive job market.
