A number of studies conducted over the past several years have revealed that it isn’t always the salary that will entice top talent to join your workforce.
One study, in 2011, from the Harvard Business Review Analytic Services revealed that an astounding 60% of businesses cited an attractive benefits package as a “very important” part to recruiting and retaining high quality employees. While there are a number of factors that the best candidates take into consideration before signing on with any job, one of the top considerations are the workplace benefits that a company offers. Here’s why:
Employees Can Earn More With Benefits
Savvy employees know that the right benefits package will be able to save them a lot in the long run. For example, let’s say that one employer is offering an employee $5,000 more a year while the other employer offers an attractive benefits package. That $5,000 increase in salary is going to be taxed, so nothing close to that $5,000 is going into your employees’ pocket.
The benefits offered in a workplace benefits package, however, will not be taxed at the same level – things such as cars, loans, electronic devices, childcare and healthcare.
Benefits Encourage Work-Life Balance
No employee wants to give up any component of their life to do a job. Depending on which benefits are offered in a package, employers can help promote an employees’ work-life balance. Health benefits, disability benefits, gym memberships, vehicles and even home office equipment for telecommuting are all examples of how these different benefits can help employees achieve the work-life balance they not only want, but need.
Employees want to know that their employer is just as committed to them as they are to their employer. The best job candidates out there are looking for an employer that’s interested in helping them grow, one who is happy to support that candidate in moving up in the company and fulfilling his or her career dreams.
A common benefit in a workplace benefits package is school tuition. Having an employer pay the school fees for the children of their employees is one example of how benefits demonstrate an employer’s care and commitment to that employee’s family welfare.
Many employers also cover the tertiary education fees for their staff who are undertaking career-related courses. This of course also benefits the employer, since they are helping develop a knowledgeable, experienced and loyal employee who is sure to stay engaged and highly motivated throughout their career.
We can help put together a workplace benefits package that is right for each of your employees – call us on 1300-664-323 for an initial no obligation discussion.