Leading benefits packages
If you’re offering an average salary you need to find other ways in which to entice the highest-calibre talent. Fortunately, money is far from the only motivator in a career move. Many talented people are looking for career advancement or a more enjoyable work/life balance rather than merely the headline financial package.
The key to securing the perfect candidate may lie in tailoring the incentives on offer to meet the specific needs and desires of the individual. Here are ten suggestions that you could consider the next time true talent walks through the door.
1. Extend medical insurance
Offering private individual healthcare is commonplace as part of a regular benefits package but could you offer more? If the budget won’t stretch to full family cover, how about offering your candidate the option to extend the cover to include their family by paying only your business rate. You could then deduct the cost of this out of their net salary in instalments.
2. Offer flexible working
If you’re faced with a candidate obviously looking for a good work/life balance, consider offering some form of flexible working. Options could include the opportunity to work from home; to fit in their duties over compressed hours; or to work flexi-time.
3. Add bonus leave
You’ll have to offer a full-time worker at least 5-6 weeks annual leave, which includes bank holidays, but offering more is a proven talent winner. You can offer this in the most cost-effective way by allowing your new hire to build up extra holiday with long service or by offering them the opportunity to buy extra days.
4. Development and learning
High-achievers are unlikely to want to allow their career to become stagnant and so it’s essential to offer continual learning and development opportunities. These can include anything from mentoring and internal appraisals to external courses, training loans and educational sabbaticals.
5. Pension perks
An employer must now automatically enrol any eligible staff into an automatic enrolment scheme as part of the new pension regulations that have just been introduced. However, adding as many pension perks as possible to any offer you make can differentiate you from other employers.
6. Transportation tips
If a company car is part of the package, consider offering a cash alternative, or tempt public transport users with the offer of a loan to allow them to buy a money-saving annual ticket.
7. Childcare benefits
The ideal would be to offer on-site childcare but this is only possible in a minority of cases. Instead, you could offer a voucher scheme to save your employees tax on their childcare costs.
8. Charity incentive
Appeal to the individual’s altruism by offering to give them one day, or more, off each year with pay to allow them to do some charity work. There are also payroll giving schemes that enable employees to give to charity from their salary before tax is taken. Some businesses offer to match these contributions.
9. In-house treats
Small treats can go a long way in boosting morale and productivity. How about getting in some drinks near the end of the day on a Friday or offering employees the option of having their birthday as an additional holiday?
10. Flexible options
Would-be employees would probably appreciate the option to choose from a list of possible perks, together with the possibility of a cash alternative if they don’t want any of the benefits on offer.