Communicating your benefits package: Although rewards such as benefits are not necessarily the main motivator for employees, the value of the benefits package should not be underestimated. Benefits form an important and effective role in winning the war for talent.
So, why should you be offering a benefits package?
Many positions these days involve longer hours, more responsibility and increased stress, so it makes sense that employers offer more or better benefits to present a more attractive job prospect than simply the level of responsibility and salary on offer. A good benefits package is a standard expectation now for candidates; from paid holiday, a pension scheme and life insurance to free tea and coffee in the office, benefits matter.
Despite this, recent research from the Chartered Institute of Professional Development (CIPD) found that over half of the employers said they preferred to keep pay and benefits information as confidential as possible, suggesting a clear lack in the communication of what is on offer.
Why is it so important to communicate your benefits to potential employees?
1. In today’s climate of skills shortages most companies are increasingly having to compete to attract the best talent. Standing ahead of your competitors in the marketplace, when it comes to salaries and benefits package, is critical in a candidate-driven market.
2. Benefits offered from your company strongly reflect the culture of your organisation and shows how much you value your people. Think about the kind of specific benefits that will appeal to your ideal candidates and make sure that your overall benefits package is relevant to their needs.
3. Transparency is key. Potential employees should not only understand the range of benefits on offer, but also the kind of behaviour and performance required from them to achieve them and what the value of the offering is.
4. Research by the CIPD shows that if a benefits package is targeted at the right audience and communicated effectively, it can have a positive effect on employee satisfaction. Showing that you understand the personal needs and lifestyles of your target candidates can go a long way when trying to attract the best talent.
5. The importance of work-life balance is ever increasing in today’s society so being seen to be improving your employees’ work-life balance could put you at a huge advantage. Offering benefits such as flexible working options, healthcare and medical care or childcare vouchers shows potential employees that you appreciate their personal life and understand their needs outside of work.