Are you struggling to attract and retain staff?
It’s a dilemma that many businesses are facing, as employees are spoiled for choice in the current job market, leaving them scrambling to adjust their recruitment strategies, company perks and benefits to find and retain the people they need. There’s never been a better (or more critical) time to take stock and review your employee retention rate to keep your team on board and avoid losing them to another business that may be offering better conditions or more opportunities. So what are the top employee benefits to offer your staff in 2022? Check out some of the most popular perks and benefits below. Interestingly, it’s not all about the money!
1. It’s time to adjust to an evolving workforce.
One constructive realisation to come out of Covid is that many employees are able to work from home, or work remotely, and this can can provide opportunities for better work/life balance. Giving your team the option of working from home or flexible working hours, implies that you care about your employees well-being and that you trust them. This goes a long way in increasing and maintaining staff morale which often directly converts to high productivity. Interestingly, work from home and flexible work arrangements, remain the top considerations for job seekers today – and businesses who can adapt to this will be the clear winners. Work life balance incentives could include a combination of:
Flexible working hours
Four-day work week
Option/ability to work from home
Allowing staff to bring a pet and/or children to work.
2. Staff discounts
Why not offer an employee discount on your product or service?
Depending on your business, there may not be a big out of pocket cost, but could represent huge value to your employee. Plus it has the added advantage of your employees experiencing your offer first hand and learning more about your products or services. A clear winner for everyone.Trade discounts and wholesale prices handed down to employees where appropriate are often a much appreciated perk.
3. Employee health & wellbeing
A robust approach to workplace health and safety shows your employees that you take their health and wellbeing seriously. Every business needs it, so why not take it one step further and support your staff in other ways. Some suggestions include:
Employee Assistance Program (EAP)
Private pension scheme
Paid or unpaid time off to get Covid-19 vaccination/booster
4. Career progression
Professional development, training and career progression are at the top of the list for many employees. With more and more online training and certification options than ever, this can be an affordable way for small businesses to enable their employees to develop their skills and career.
If you can articulate and support a clear career progression pathway to your team, it’s a great way to attract and retain employees who have aspirations beyond the scope of their current role (or the one they have applied for with your company).
5. Sector networking opportunities
Regardless of the business you are in, it is likely that there is an industry sector association or group that represents your type of business. For example, Hospitality NZ is the industry body for Bars, Restaurants, Hotels and Accommodation Providers. If you are a member of an industry sector association or membership group, it is likely they will host regular training and industry events.
Giving staff an opportunity to attend an annual sector conference is a great way to reward staff; enabling them to network with others within your sector, attend workshops and training, learn about emerging issues and bring fresh ideas back into their day to day role.
6. Additional leave
This could be additional days off to reward for long service, or perhaps an extra day of leave (not deducted from the employees leave balance) during a typically quiet time for the business. An extra day off tacked on to a long weekend or over the Christmas period might be an easy perk for your business to consider and can be a very attractive perk for your employee. And on the topic of leave, if your organisation typically closes over the Christmas break, or mid term breaks, this can be a great carrot for prospective job seekers too!
7. Other financial benefits
In addition to offering a base salary that is in-line with market expectations, including other benefits with a monetary value may help you to stand out in a climate where candidates are spoilt for choice.
Types of benefits that fall into this category include:
Use of a company vehicle
Tools / stationery / uniform allowance
Travel / petrol allowance
Substitute accommodation costs
Financial support for required certification / licences (such as first aid certificate, forklift licence) needed to carry out their role
Compensation for internet/power/phone costs for staff working from home
It’s not all about the money…
Sure, the hourly rate or salary on offer will always be an important consideration. However, time and time again, we are seeing there are other benefits that appeal to jobseekers and can be the difference between a great candidate accepting the role you offer, or slipping between your fingers.
Before you advertise your next vacancy, it’s worth spending some time to identify what makes your organisation a great place to work.
Chances are you are already offering some of the perks listed in this article – or could easily add to increase the appeal of a role you’re looking to fill.
Depending on your business and your employees role within it, the possibilities are endless.