You may offer a potential new hire a competitive salary that could be enough to get them through the door. But how do you keep and retain employees? What is going to stop them from leaving and moving to a competitor who offers a higher wage?
You need to offer some sort of perk that will build loyalty between the employee and employer. These benefits aren’t going to make or break your company, they are going to show your employees that you value them.
With this in mind, Reperio looked at four benefits you will see as a result of company incentives.
High compensation helps employees to feel valued and part of the company. It may also give employees a high sense of satisfaction from their job. This incentive will help to increase motivation which will lead to higher levels of engagement and productivity. Through understanding and addressing the needs of your workforce, it’s more likely that employees will be dedicated and take their jobs more seriously.
2. Increase Your Appeal
Do you want to hire the best talent around? Then, you need to offer more than your main competitors. Recruiting skilled and dedicated workers should be a priority for any business because it helps to create a solid foundation. A survey by McKinsey Quarterly showed that attracting and retaining talent was the biggest reason that companies offered employee benefits. Therefore it may be a good idea to consider offering your employees benefits like health insurance, retirement plans, flexi time and extra paid holidays.
3. Keep Your Best
It won’t be easy to keep a high performance and progress as a business if you have a high turnover rate. Once you get that perfect candidate in the door, your aim should be to keep them there. By offering a clear and rewarding benefits package, it shows employees that you have their interests at heart and are just focused on business interests. This tends to keep employees within the business, allowing you to form a close-knit, loyal team that will stay for the long run.
4. Healthier Workforce
By offering paid holidays and encouraging your employees to take them, they will come back refreshed and ready to get to work. This will reduce sick leave due to stress and general burn-out. Similarly, if you offer a comprehensive health plan and regular checkups, you should see a reduction in sick days taken. This reduction in sick days equals higher productivity and therefore higher profits.
A competitive employee benefits package has substantial power not only to attract the best, but also to retain the best. Employers who value their staff today will be those who will benefit tomorrow.
To find out more about how to find the best talent, get in touch with one of our talented, specialist IT recruiters today.