Non-negotiable benefits employees can’t live without
‘It’s not all about salary’ is an often-quoted phrase. It’s also often said that providing the right benefits to employees will retain their talent while attracting more talent from outside.
But what convinces someone to go from potential candidate to a permanent member of staff?
The answer lies in an employer’s ability to offer benefits that are non-negotiable. These are benefits that the employee regards as so important they aren’t able to work for a company without them. So it’s in an employer’s interest to make sure that they can make these benefits available. But what benefits are dealbreakers for potential employees?
Key benefits you must offer
1. Flexibility. Rahul Ramaswami, head of benefits at Standard Chartered Bank, said during a recent webinar hosted by REBA that flexibility was one of the most important benefits for his organisation. For example, allowing people time to do basic chores can take the stress out of a day.
So, offering hybrid/remote work opportunities is a must if companies want to attract and retain new talent. If this is not possible, then giving employees the green light to run small errands if they have to (eg posting a parcel) can make a big difference.
2. Physical and mental wellbeing. These benefits feature heavily on many employers’ offerings and it’s not hard to understand why. If your workforce isn’t healthy they won’t be happy at work.
Therefore, employees are looking for physical and mental wellbeing benefits that cover things like gym memberships, doctor, nurse, dentist, and psychological appointments, and spa and massage treatments.
Digital HR platforms and apps can also communicate company events such as health challenges and after work events. Knowing that an HR platform can roll-out effective communications can be instrumental when a job candidate decides whether to accept a job offer.
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3. Financial wellbeing. There hasn’t been a more pressing time for companies to support their employees. The war in Ukraine and high rates of inflation have meant people are feeling the pinch globally.
There are plenty of ways an employer can help reduce some of the costs stressing employees. As well as gym membership saving employees money, a digital HR platform will be able to offer other incentives like insurance, pensions advice and, in some cases, discounts on products from high street stores.
Affordable health insurance
Every little helps, but when you add all of it up, an employee will be more convinced to sign on the dotted line when they find out what they are entitled to or claim. For US companies, affordable health insurance is one the biggest dealbreakers of them all, and employers who don’t offer this risk missing out on recruiting the people they need. According to recruitment agency Monster, 86% of 10,624 poll respondents said it was important to them when deciding whether to take a job.
PR company Fractl reports that 57% of people say perks are among their top considerations before taking a job, and 88% want benefits more than a pay rise. It’s up to every employer to select what benefits suit their workforce and make sure that the workforce knows about them.
In partnership with BENIFY
Benify offers the market's leading global benefits and total reward platform.