23.8.2023 | Recruitment

What makes a compelling Benefits Package?

Crafting a benefits package is more than a mere HR formality – it’s a strategic move that can significantly impact a company’s ability to attract and retain top talent. 

“In an increasingly competitive job market, companies are vying for the attention of top-tier talent, and one of the key differentiators that can attract and retain the best employees is a well-structured benefits package,” said Amanda Harrold, director of A&S Recruitment.

While salaries remain crucial, benefits often make the decisive difference for job seekers when evaluating potential employers. Drawing from her extensive experience in the recruitment sector, Amanda Harrold sheds light on the elements that set apart a good company’s offerings in terms of a compelling benefits package. Porttalk delves into the insights provided by Amanda to uncover what makes a benefits package stand out in today’s competitive business landscape.

Investment in training

Forward-thinking companies understand that an investment in their employees’ growth pays dividends. Offering ample opportunities for training and upskilling not only enhances employees’ skills and knowledge but also demonstrates a company’s commitment to their professional development.

Study support – both time and financial support

Encouraging employees to further their education showcases a commitment to long-term growth and development. Providing financial assistance and flexible scheduling for pursuing higher education or professional certifications can be a powerful incentive.

Mental health support/counselling funding

Recognising the importance of mental well-being, a comprehensive benefits package includes mental health support and counselling provisions. Companies prioritising their employees’ mental health create a healthier and more productive work environment.

Private medical and dental care

Going beyond the basics of healthcare coverage, companies that offer private medical and dental care extend their commitment to the well-being of their employees and their families.

Generous holiday package

A standout benefits package doesn’t skimp on time off. Offering a holiday package exceeding the statutory minimum allows employees to maintain a healthy work-life balance, improving job satisfaction and overall productivity.

Gym memberships

Many companies recognise the link between physical health and productivity and provide gym memberships or fitness allowances. This contributes to employees’ well-being and fosters a culture of health and wellness.

Above-average pension contributions

A competitive retirement plan showcases a company’s dedication to its employees’ future financial security. Companies that go above and beyond with their pension contributions demonstrate a commitment to long-term partnerships.

Tailored flexible working

Understanding that employees have diverse needs, offering flexible work arrangements tailored to individual circumstances demonstrates a company’s commitment to work-life balance and fosters a more inclusive and productive environment.

Company-specific discounts

Providing discounts on a company’s products or services and partner offerings shows employee appreciation and reinforces a sense of belonging to the organisation’s ecosystem.

Stocks, shares and employee ownership options

Companies that allow employees to have a stake in the organisation through stock options or ownership plans create a sense of ownership and alignment with the company’s success.

Conversely, not all perks are created equal when defining a robust benefits package. Free fruit might seem thoughtful, but more substantial benefits overshadow it. Similarly, offering just the legal minimum of 20 days annual leave plus bank holidays fall short of showing a genuine commitment to employees’ well-being.

While necessary for job performance, tech equipment doesn’t qualify as a benefit in employees’ eyes. Lastly, while a pet-friendly office can be a cherished perk for some, focusing on benefits catering to a broader range of employees’ needs and preferences is more important.

In summary, Amanda continues: “Crafting a compelling benefits package is more than a mere HR formality – it’s a strategic move that can significantly impact a company’s ability to attract and retain top talent. By including meaningful offerings that prioritise employee development, well-being, and financial security while avoiding superficial perks, companies can distinguish themselves as employers of choice in a competitive job market.”