How does an employee benefit package affect the way you attract candidates?
Offering benefits that go beyond the basics can make a world of difference since 55% of candidates are more likely to accept a job offer with a lower pay but better benefits. This does not mean you should just include “casual dress code” and “free snacks” as perks and expect candidates to come flooding in. Here’s how to develop a good employee benefits package and attract more candidates. 1) Make it relevant to the job What will this job require of the employee? If it requires an employee to be on the field, offer fuel allowance. Offer flextime if the job requires the employee to work at odd hours. Think about the demands of the job and what benefits you can offer to make the job easier and more manageable. 2) Customize it to the candidate’s priorities You’re offering a free gym membership to all your employees but not everyone is utilizing it. Some employees might be too busy with their families to go to the gym. It’s best to ask your candidates and employees what are their current priorities. Then, customize their packages accordingly. For example, if you have a candidate that is a single parent, offer more parental leave or flextime. You can also offer a health plan for their child. 3) Think about the candidate’s career path You will have employees that are ambitious and want to continuously expand or improve their skillset. By providing more opportunities for growth, they are least likely to seek it elsewhere. Offer training programs, seminars or workshop to all your employees. 4) Offer unique perks Nowadays, companies are offering one-of-a-kind perks for their employees. For example, Airbnb gives its employees an annual stipend of $2,000 to travel and stay in an Airbnb listing of their choice. Most retail companies give their employees a special discount on their products or first dibs on sale items. Be creative. Brainstorm with your team on what you could offer candidates that they could not get from other companies. 5) Include the benefits in your job advertisements Don’t wait until the job interview to inform candidates of the benefits that your company offers. You don’t need to list all of them in the job description but having a summary will attract more candidates. Be sure to include the best aspects of the employment package.
Benefits don’t only attract candidates but improve company loyalty. According to 2018 statistics, 81% of employees who can easily access their benefits said they feel loyal to their employers and 80% of workers would keep a job with benefits rather than take one that offered more pay and no benefits. Goes to show that salary isn’t everything.