Top Candidate Attraction – The Draw of Job Benefits
How much to employees value job benefits?
Leigh Gillatt • Recruitment Articles
As little as twenty years ago, companies could entice potential employees with the prospect of secure employment and a good salary. But things have changed…
In today’s candidate-driven market, 57% of candidates list benefits and perks among their top considerations before accepting a job (Harris Poll for Glassdoor, 2015).
Even more staggering is the fact that nearly 80% of workers would prefer new or additional benefits to a pay increase (Glassdoor 50 HR and Recruiting Statistics for 2017 ).
Knowing this importance prospective employees and candidates are placing on benefits and perks; the next step becomes deciding where to focus your spend so as to drive maximum attraction to your company and brand.
What’s the difference between a benefit and a perk? And what do employees value more?
Its described that a benefit is a form of non-wage compensation that if not offered, employees would likely self-fund e.g. health insurance. Perks, on the other hand, are ‘nice to have’ additions to an employee’s total remuneration package e.g. flexible working hours.
Whilst extravagant perks like NetFlix unlimited parental leave , often make headlines; research suggests that it is the basic benefits that employees really value. In a Glassdoor Economic research study, it was found that the following three benefits have the highest correlation with employee satisfaction:
- Health Insurance
- Annual Leave
- Pension Plans
But what if you don’t have the budget to offer these kinds of job benefits?
Don’t be disheartened, there are always perks! We believe the following four perks can have a very real and positive impact on both recruitment and retention:
Health & Wellbeing Programs – e.g. subsided gym memberships
Investing in a workplace health & wellbeing program is not just of value to your employees but has a direct link to performance, with:
- Mindfulness helping to reduce stress and build resilience
- Fitness helping to relieve stress, improve mood and boost productivity
- And proper nutrition for improving cognitive performance
Studies show that people wish they were more active, wish they ate healthier and also wish they took better care of their mental health.
Maybe you have a few energetic ‘Been to the gym before work’ Morning people on your team, or someone with a particularly bad commute at regular office hours…either way offering employees the option to set their own hours (within reason) can greatly improve workplace satisfaction.
Whilst Google supply 3 catered meals a day for staff; employers can at the very least aim to provide staff with access to complimentary tea/coffee. For extra brownie points, consider free fruit to help employees get their 5 a day! And of course… a Bacon butty on ‘Fat Fridays’ always goes down a treat!
Whilst there’s little you can do about traffic, there are some ways you can lessen the financial burden associated with commuting e.g. by providing free on or off-site parking or participating in the cycle to work scheme.
To learn how you can develop your employer brand and make sure you attract the talent you need, download our 10 Ways To Improve Employer Branding, and take your employer brand from zero to hero.