Employee benefits attract talented people
Reading time 3 min.
The labor market has changed - we live in the era of highly skilled workers. For this reason, employees' expectations of working life have also changed. Nowadays, employees also expect flexibility and a wide range of employee benefits that support their well-being in their employment relationship. Salary alone is no longer enough in the competition for talent.
Up to 90% of people under 30 could change a job for better benefits
Expectations of employee benefits have increased and workers are increasingly able to demand them from their employers. According to a recent international survey commissioned by Benify, up to 80% of HR managers reported that job seekers are increasingly negotiating for benefits rather than salary.
For younger workers in particular, the benefits weigh heavily: according to an international survey commissioned by Benify, up to 90% of workers under 30 would consider changing jobs for better benefits. This figure is a very telling indicator of the future trend. Why are benefits such an important part of the employment relationship?
4 steps where employee benefits offer advantage
1.The benefits are attractive during recruitment
During recruitment, a company that offers extensive and versatile employee benefits stands out from the crowd. If a company wants to attract new talent, it should reach at least the same level in offering benefits as its competitors. The better benefits the company offers, the better its negotiating position for new talent is.
It is good to remember that when recruiting new employees, the company is also competing with the employee's current workplace. If an employee comes from a work culture that offers good employee benefits, they usually don't want to give up the benefits they have gained. Instead, even better benefits are often interesting.
The same also applies to the company's current employees: if competitors have better benefits, even a loyal employee may start to compare the company's ways of considering employees over time. How is the employees contribution actually considered in the current workplace - and is it enough to create a feeling of appreciation?
2. Benefits are encouraging when starting a new job
When starting a new job, a new employee is often enthusiastic and full of motivation. However, learning something new is not always easy and pleasant. When adjusting to a new job, the employee might even doubt whether they have chosen the right one.
However, when the employee can immediately see the good aspects and employee benefits of the new work culture, it strengthens the positive image and mood. The employee benefits are a concrete reminder of the company's culture, where employees are valued.
3. Employee benefits maintain motivation and help employees to cope
Employee benefits also help maintain motivation. When you can pick up food from your favorite restaurant on a busy day, go for a massage after a demanding week, relax at a movie on the weekend or go kayaking in nature with employee benefits, the work load feels lighter. Using benefits is a good way to recover from demanding work week and gather up enough energy for the next.
The added value brought by the benefits is most often precisely this: it is a very concrete way to create a feeling that the employees are valued and that their well-being is cared for. Both the recovery and the balance between work and free time are supported.
4. Up-to-date employee benefits are effectively engaging
To keep motivation high, it is also worth updating the employee benefits from time to time. Employee benefits are developing all the time and the offer is becoming more diverse. Head-hunters use benefits to attract new talents, so it is worthwhile for the company to stay involved in the development. Often, the most desirable way to receive them is a selection of different benefits, from which the employee can choose the most suitable ones.
Taking care that the employee benefits are relevant, the company can ensure satisfied employees in the future. It is difficult to compete for the talented and desired workforce on salary alone, because in the end the salary within the same field is quite similar wherever you are. That's why employers should check that they have suitable ways to motivate, reward and engage their employees.
Would it be time to update the employee benefits offered by your company? Read more about Edenred's employee benefits and versatile payment methods.