Many businesses are currently experiencing fierce competition in hiring and retaining top candidates. It is no longer viable to simply offer a good salary; since the pandemic and with the current cost of living crisis, many applicants are also looking at what additional benefits a company has to offer. Not only do these benefits positively impact employees, but equity theory demonstrates how offering benefits generates more motivation which in turn generates greater outputs.
In order to hire and retain staff and improve overall business performance, here are just some of the benefits that you could consider:
Company equity
Giving employees the opportunity to have a financial stake in the company works very well as a benefit. This has been famously demonstrated by John Lewis, an employee-owned company. Owning company shares means staff will naturally have a more vested interest in the financial success of the business as they will personally benefit more the better the business performs.
Private healthcare
Despite having a national healthcare system, many employees still appreciate private healthcare from an employer. There are plenty of different offerings available in the private healthcare sector, meaning it won’t be difficult to find something that suits your business. Typically, this allows employees to claim back on services such as optician or dentist appointments, as well as allowing them to access private online resources for mental health advice.
Company car
If you have employees who travel frequently, either for commuting or to attend business meetings, company cars could prove a popular option. Company cars are owned or leased under the business and then provided to employees. This allows staff to benefit from reduced costs; but also, benefits businesses as they can provide vital reliable transport which aids productivity. Consider investing in used cars or EVs for your company fleet are these offer a more environmentally friendly solution.
Financial advisory services
With interest rates increasing and bills skyrocketing, lots of people are struggling to navigate their personal finances. Offering private financial advisory services allows your teams to become more educated in financial health and will provide them with support in areas such as choosing the optimal savings account.
Secondment
Secondment is when an employee is temporarily transferred to another area of the business or into a different role. Allowing employees the option of going on secondment allows them to experience new things which can lead to greater job satisfaction. Secondment can often work in favour of businesses too as the strengths and passions of an employee are often uncovered that would have otherwise been left undiscovered. These skills can then be utilised further once their secondment period is over.
Whatever benefits you consider offering, it is important that they are going to receive a good uptake from your employees to make them worthwhile. Before implementing any new schemes, talk to your teams and find out what they would like to see and what would benefit them the most. This will allow you to make a well guided decision.
