Recruitment is one of the most important parts of running a modern business. Getting the right staff in place is completely crucial to the smooth running of operations, and failing to do so can leave an otherwise well-positioned business unable to have success and make a profit.And let’s not forget that recruitment is about so much more than simply offering the right wage. Yes, monetary compensation is an important factor in any employee’s decision – but it is also very common for a potential member of staff to consider factors such as opportunities for progression, employer flexibility, and, perhaps most important of all, benefits.
Surveys regularly show that putting higher quality benefits in place is an important way to make it easier to recruit staff. It naturally follows that if you are trying to recruit for challenging roles, having a better package of benefits is a very effective way to make your business more attractive to those potential members of staff.
In this article, we take a closer look at how your business can implement a better benefits package to help you recruit for challenging roles.
Incentivise success with shares
One of the most interesting and effective ways to offer benefits is to tie the financial success of the business to the financial success of the employee. This is achieved by offering an employee the opportunity to buy shares in the business. The idea here is that if an employee owns shares in the business, they are more naturally tied to its success and want to give their best to achieve that success.
There are easy ways to make this possible for businesses. For example, you can use the Enterprise Management Incentive (EMI) Share Option Scheme which allows qualifying employees to acquire shares in the business at a fixed price – this price will usually be the market value of the shares at the time the option is granted. It is a highly tax-efficient way of providing shares to employees.
Key roles in the business are more likely to be directly involved in the activities that allow the business to be successful. So it can really make sense to incentivise these roles with the option of shares.
Invest in employee health
In the wake of the Covid-19 pandemic, perhaps it is no surprise that employees have more health anxieties than ever before. A study by the International Journal of Cognitive Therapy concluded that ‘the COVID-19 pandemic has many unique features that make it especially troubling for people prone to health anxiety’.
One of the ways that businesses have been able to minimise this problem has been to provide health insurance to their staff. Health insurance helps to provide peace of mind to employees that if they do need to see a doctor or get medical advice they can do it easily. Of course, being able to offer this benefit to prospective staff is a massive advantage.
More people are choosing to change their job or even their whole career path in order for a less stressful role or for a job that makes more sense for their mental health. Having this kind of health insurance in place can help make that decision easier.
Extra time off
Work-life balance is becoming an increasingly important factor in how prospective employees make the decision on whether to work for a business or not. Jobseekers are looking for the opportunity to work in a way that is going to suit them as well as possible. It cannot be denied that issues such as flexible working and holiday allowance play a major role in this.
Giving employees more time off might seem like simply a way to allow them to work less. However, it is has been shown that employees can be more productive when they are allowed to work less.
Allowing discretionary extra days such as birthday leave day or a volunteering allowance, offer employees a real sense of being valued, trusted and able to extend themselves a little further outside of their working role. With volunteering projects offering further scope for team building as well, there are strong opportunities for increased employee engagement too. Whilst there may be fewer hours spent in the workplace, they are likely to be more inspiring and productive.
Having a better benefits package is actually a hugely important way to impress potential members of staff and to draw them to your business. Recruiting for challenging roles can be difficult enough before you have even considered whether or not the potential staff member is truly motivated to join your team.
Providing a great range of benefits can be hugely advantageous and allow your business to punch above your weight in terms of your ability to get high-quality staff.
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