The role of healthcare perks in recruitment
Make pensions competitive to lure new staff
Staff look for total reward package
Pay at heart of employees’ choice of employer
Tailor flex to aid recruitment
Cars can be a powerful attractor
Sponsor’s comment: Total reward is key to recruiting talented staff
Recruiting the right talent is crucial to the long-term productivity and profitability of any organisation. Therefore it pays to have a benefits package that is at least as good as any provided by rival businesses.
When you ask employees, as we did at Employee Benefits earlier this year, what three factors would have an impact on their decision to move jobs, benefits came within the top five. Our Employee Benefits Research 2008, put pay at top of the pile with 74% of employees saying this would have an impact on any decision to move jobs. However, with the economic slowdown and pressure from the government to control annual pay rises due to rising inflation, many resourcing and compensation and benefits professionals will not have the flexibility they once had to use this tool to entice potential recruits, unless they operate in a sector where talent is scarce and they have no choice but to resort to cash.
Therefore, many employers will have to use other elements of the reward mix, including benefits to attract the right people. Our research showed that benefits were important for a fifth (21%) of employees, ahead of factors such as training and a better working environment. Other key factors influencing employees’ decisions to switch jobs were location (27%), career development opportunities (25%), interesting work (24%). The same research also showed that of those benefits employees currently receive they particularly valued pensions, private medical insurance, flexible working, bonuses and extra holiday for long service.
This supplement, developed in conjunction with our sister title Resourcing, highlights some of the key benefits areas, for example, pensions and healthcare, that every employer should consider putting into their total reward package in order to attract the right talent.
Amanda Wilkinson, Editor