You’ve probably heard the phrase: it’s not all about salary. You’ve also probably heard that providing the right benefits to employees will retain their talent whilst attracting more talent from outside. However, what exactly convinces someone to go from potential candidate to a permanent member of staff? During the interview process, what makes a candidate say either yes or no to a job?
Well, the answer lies in an employer’s ability to offer benefits that are non-negotiable. These are benefits that the employee regards as highly important and aren’t able to work for a company without them. Therefore, 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?
THE 3 NON-NEGIOTABLE BENEFITS EMPLOYEES CAN’T LIVE or WORK WITHOUT
1. Flexibility. Rahul Ramaswami, head of benefits at Standard Chartered Bank, said this benefit was one of the most important for his organization during a recent webinar hosted by REBA. For example, allowing people to do basic chores when they can takes 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 (e.g. posting a parcel) can make a world of difference.
2. Physical and mental well-being. These benefits feature heavily on many employers’ offerings and it’s not hard to understand why. If your workforce isn’t healthy then they won’t be happy at work – it’s a simple as that. Therefore, employees are looking for physical and mental well-being benefits that cover things like gym memberships, bookable doctor, nurse, dentist, and psychological appointments, and spa and massage treatments. It’s also important to mention that companies also look for digital HR platforms and apps that can communicate company events such as health challenges and after work events. Knowing that a HR platform that can roll-out effective communications can be instrumental when a job candidate decides whether to accept a job offer.
3. Financial well-being. 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 employees are stressing over. For example, offering the aforementioned gym membership will save employees a lot of money. Likewise, a digital HR platform will be able to offer other incentives like insurances, advice on pensions, and, in some cases, discounts on products from high street stores. 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 U.S. 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 that perks are among their top considerations before taking a job, and 88% want benefits more than they want 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. The easiest way for an employer to communicate benefit offerings is through a digital HR platform where employees can log in, whether on a computer or mobile device, and browse through all the benefits on offer. If the HR platform is state-of-the-art, then employees will have no trouble finding what they need, and therefore attracting new employees is made simpler by the fact that the HR platform is easier to explain and demo.
To sum up, a benefits and total rewards digital HR platform is a worthwhile investment to attract potential employees and keep current employees. However, a benefits and total rewards digital HR platform is only as good as the benefits an employer offers, and these benefits have to the ones that employees cannot go without. To ensure you find the right talent and then take them on, it’s recommended that employers look to flexible working hours and well-being benefits – whether it’s physical, mental, financial, or all of them.
Want to read more about what potential employees are looking for with regards to benefits? Download the Flexibility and Choice: The Future of Employee Benefits two-pager below