30 August 2023
30 August 2023
8 Employee Perks To Attract and Retain Top Talent
When the possibility of increasing salary isn't on the table (or even when it is), hiring managers often forget to turn to alternative perks to attract and retain employees. While salary discussions remain important, there is an array of valuable incentives that can be extended to employees both current and prospective.
Drawing insights from our team of experienced recruiters, HR professionals, and industry leaders, we've put together a comprehensive list of offerings to consider when looking to negotiate a employee package.
Extended Paid Time Off
Prioritise work-life balance by offering additional holiday days or flexible time-off policies. Allowing employees the freedom to manage their time effectively demonstrates your commitment to their well-being.
Support employees with commuting-related costs by offering transportation allowances or travel card loans. This proactive approach not only eases financial burdens and saves employees money while also encourages people to work from the office.
Strategic Job Titles
Elevate the importance of job titles beyond standard terminology. Thoughtfully design titles that accurately reflect responsibilities and emphasise employees' roles within the organisation and can provide employees with a sense of stature and belonging.
Acknowledge the evolving landscape of work preferences by offering remote work options. Granting employees the flexibility to work from home nurtures a balanced work-life equation and fosters productivity.
Something that is way more common in the US market, a signing on bonus can be a clever way to ‘seal the deal’ with a potential hire. This gesture acknowledges the commitment to the new hire and can alleviate any potential financial concerns that come with starting a new role. For example, relocation or repaying visa costs to cost to previous employers.
Learning and Development
Invest in employee growth by offering opportunities for skill development, whether through conferences, certifications, or higher education. Support learning and development highlights your commitment to their professional advancement and enriches their skill set, which can only be a benefit to the employee and the company.
Empower employees with flexible work hours or condensed work weeks to accommodate personal obligations. Tailoring work schedules to individual needs proves your commitment to work-life balance and can improve productivity and job satisfaction.
Consider granting equity or stock options to employees, enabling them to share in the company's growth and success. EOTs and share options are popular options but there are many alternatives. Any kind of equity participation aligns their interests with the organisation's prosperity and establishes a deeper sense of ownership.
During negotiations, approach the conversation with a clear understanding of your company's culture and the value you place on your employees. Tailor the perks to align with their needs and aspirations.
Keep in mind that negotiations are collaborative, and reaching a mutually beneficial agreement is the goal. Transparent communication of what you're able to provide and active listening to employees' needs will lead to a balanced and rewarding arrangement.
Ultimately, constructing a robust compensation package that encompasses these diverse benefits not only recognises employees' contributions but also lays the groundwork for a motivated and fulfilled workforce.
Author: Micah Davis-Rae, Bespoke Careers