How Benefits Attract and Keep Talents in the Industry

During the recruitment process, one of the things that can entice a potential candidate to accept the offer, aside from a competitive salary, is great benefits. Nowadays, job seekers look for organizations that can provide benefits that will make them feel secure and improve their way of life.

With that said, companies who are up-to-date with the current trends in providing employee benefits are at an advantage. This gives them an edge in securing high-performing job seekers. In this article, we will be talking about examples of competitive employee benefits that can secure a candidate and ways to retain talents.

Competitive Fringe Benefits to Secure a Candidate

Fringe benefits are add-ons to employee compensation. These are benefits that are usually enjoyed by regular employees.

It’s understandable that having a high salary is not enough to convince a selected candidate to sign the job offer. As employers, we must also consider the perspective of job seekers and address the question, “What’s in it for me?” This should be answered by providing irresistible yet reasonable benefits they can look forward to.

Here are some of the practical benefits you can give your employees to make them feel that their employer cares about their well-being:

1. Health Maintenance Organization (HMO). One of the most “well-known” benefits a company provides its employees is the HMO package. Packages include regular check-ups, laboratories, emergency room visits, and surgeries depending on the plan the organization availed. Companies usually extend the HMO benefits to an immediate family member as a dependent of the employee. The better the inclusions in the package, the higher the chances to secure the job offer.
2. Number of Annual Leaves. With work-life balance rising in popularity among employees nowadays, the quantity of leaves can help employees be assured to take vacations to focus on their mental health and even run personal errands. This can also help prevent employee burnout and make them feel that the company cares for their well-being. Monetizing a certain number of unused paid leaves by the end of the year can further boost the chances of the candidate signing the job offer.
3. Access to Company Loan and Emergency Loan. Having access to loans with 0% interest and reasonable payment terms can be very enticing as there are situations where employees might need immediate extra cash. This shows that the organization cares for the employees most in their tough times by willingly lending financial assistance to regular employees without worrying about arranging payment, as it will be deducted monthly from their payroll.
4. Paid Training and Development. Another thing employees want is career growth. That said, a company that offers paid training and development has a high chance of securing potential candidates, as this shows that the organization supports the growth and development of its employees.
5. Accident Insurance. Sometimes, there are circumstances that we have no control over. This is why providing accident insurance can help ease the minds of employees, especially those who are employed in high-safety and health-risk work environments or the nature of work. Offering this as part of your benefits package will increase your chances of securing the candidate since not all companies offer this.

Feel free to customize your benefits package to suit the needs of your employees. This can help improve the outlook of the employees towards your company and look attractive to job seekers as a great place to work.

Employee Engagement Initiatives to Boost Employer Branding

Aside from the competitive compensation package, implementing employee-centric initiatives within the organization improves overall employee satisfaction because this boosts employee morale. Keep in mind that happy employees are productive employees.

1. Reward and Recognition. Companies can also give rewards and recognition to employees who excel or go out of their way to accomplish tasks and projects. Employees may feel more appreciated and motivated to achieve their work goals and daily deliverables by providing recognition and rewards.
2. Free Webinars. Having free webinars such as mental health awareness, financial-centric talks, health and wellness seminars, etc., can also show that companies are aware of the struggles of most employees and that they are willing to assist them through discussions that will help them have an idea of how to cope with those kinds of matters.
3. Referral Program. A referral program is also a good initiative as employees get compensated for clients or additional manpower referrals they provide in the company. It’s a win-win situation where the employees get compensated for their effort in getting clients or manpower and the company gets new clients and employees.
4. Care Package. One way to show employees that their organization cares for their health and welfare is by sending a well-curated care package when an employee is sick. The care packages may contain a get-well-soon card, medicines, thermometers, fruits, and so on.
5. Flexible Working Arrangements. Offering flexible working arrangements can also improve employee satisfaction. As inflation becomes more financially noticeable with fare hikes and the transportation system becoming more crowded, providing a more flexible schedule can help retain employees since it shows how the company cares for its staff’s time and convenience.

Employee initiatives vary per company as this is not mandatory by the government. However, providing employee-centric initiatives gives an edge in acquiring potential candidates, as this shows that the company values and rewards employees for their dedication and hard work. This also helps boost the company’s employer branding, which can give a good first impression to job seekers while building a harmonious relationship with your employees.

Secure and Keep the Best Talents in the Market

Aside from employee satisfaction and a high retention rate, providing great benefits can help attract and retain the best talents in the industry. Organizations should also ask themselves what they can do for their employees.

Companies can give surveys and feedback forms to understand what their employees need and know what matters to them that they can provide. They may also seek HR consulting providers to improve their work environment and culture to ensure higher employee satisfaction.