The employee benefits that will sell your company
24th May 2016
Every employer wants to hire passionate workers who want the role you are advertising without any additional benefits, but recruiting the best talent available is more competitive than ever and businesses are fighting to get the best candidates.
As a specialist legal recruitment agency we know how tough it can be to get these top candidates to choose your business.
Today’s competitive recruitment process means many businesses are now offering additional employee benefits to attract the best talent available and here we look into the different employee benefits as well as getting some tips from experts.
Meaningful work, flexibility & work-life balance
Alexander Kjerulf, who is the founder of the Chief Happiness Officer Blog, says that while benefits can attract employees they do not have an effect on retention, employee happiness or performance.
He said, “If you think giving people better perks, higher bonuses or better pension plans will in any way make them happier at work and make them achieve better results, you have not been paying attention to the last 30 years of workplace research.
“Instead, you must give your lawyers meaningful work, flexibility and autonomy, great work-life balance and value them as human beings. This will make them happier in their jobs and as the research shows, happy people are more productive, more creative, more motivated, stay longer in their jobs and have better health.”
Voluntary benefits are a great way to attract employees and these benefits are where the employees themselves can decide to opt in and pay for. There are a whole host of different voluntary benefits and here are some examples.
As this article on the Guardian website reveals, consumer spending on gym memberships in the UK increased by 44 per cent in 2015.
This has made employee benefits such as money off gym memberships very popular. This type of employee benefit means either the employee can pay for the service and receive the discount or can ask for the membership to be taken directly out of their salary.
Car breakdown cover
Money off car breakdown cover is another extremely popular voluntary employee benefit that a lot of companies within the UK offer.
Car breakdown cover can be very expensive so offering a discount on this is just another bonus in the minds of employees.
In terms of the employer offering this type of perk it means not everyone will opt in, but will still keep your workforce happy.
The core benefits are the incentives that are given to all employees in a company and this can include benefits such as pay, a pension, life insurance, sick pay and holiday entitlement.
Increased holiday entitlement
Most legal workers who work five-day weeks are eligible to 28 days of holiday and employers must pay during this statutory leave. These holiday days often include public holidays as part of this entitlement.
You can calculate holiday entitlement with this easy-to-use free tool from the Government. One core benefit that employers often use is to offer larger holiday entitlements than average.
Income protection is a type of insurance which pays up to 80 per cent of an employee’s salary if they are unable to work for six months or longer through illness or injury.
Employees who are expected to do a lot of traveling as part of their role will benefit hugely from a company car and this employee benefit can be very attractive to some employees.
Often with company cars bills such as insurance and MOT are covered by the employee and a lot of firms also cover the cost of fuel as well.
Many businesses offer life insurance and for employees who are of parental age or older this can be a very useful benefit as it means that their family will be looked after financially should anything happen to them.
Free food and drink
Another great benefit is to offer employees free food or drink.
When bought in bulk it doesn’t cost the employer a comparably huge amount and can work towards high employee morale. Free tea, coffee and fruit are common employee benefits that can save the employee time, as well as money.
Flexible working hours
This benefit can work in a number of ways; some employers offer a system of working flexible hours so long as the employee works between the hours of 10am and 4pm so that they are in during typical office hours for important calls, while others offer complete flexibility so long as the work is completed to deadlines.
This can be a particularly attractive incentive to employees with children, and is relatively cost effective for the employer as employees are more likely to work efficiently.
You can find out more about flexible working hours by reading this article on the Advisory, Conciliation and Arbitration Service (Acas website).
Sabbaticals involve an employee taking a period of time off away from the workplace and is usually a single period of extended leave, which is above the normal paid annual leave.
Some employees may wish to travel and instead of losing a highly skilled employee many businesses offer some type of sabbatical.
Sabbaticals are generally offered to employees who have been with a company for at least a year and sabbaticals vary in terms of being fully paid, partly paid or unpaid.
Childcare vouchers are appealing to parents and a government scheme, which is operated through employers, allows the employee to pay for childcare out of their pre-tax salary, rather than the taxed income.
Some employers boast their own childcare facilities meaning working parents don’t have to travel miles to pick up their children.
Interest free travel loan
Some employees have to travel on trains, buses or the underground to get to work, but some employers offer interest free travel loans.
This means employees can buy annual travel cards as they are much cheaper than having to buy daily, weekly or monthly travel tickets and don’t have to worry about paying for it in one lump sum.
Share schemes commonly involve employers giving their employees free shares in the company or matching shares that an employee has bought.
These types of schemes are often limited to employees of a certain level or who have served a certain number of years.
In-house competitions or bonuses
In house legal workers may appreciate competitions and incentives for good work or service. This could be holiday giveaways or gifts such as iPads or iPhones being given out to employees who have done outstanding work over the course of the month, quarter or year.
This can encourage employees to maintain high standards of work and to work towards goals set by employers.
Image Credit: Chief Happiness Officer Blog.