Are Your Company's Benefits Up to Scratch?
Quick! Name the top 3 benefits of working with your company! If you hesitated or realised that you had to scrape the barrel to find all 3 benefits then you need to do something about it because it could be having a significant impact on your recruiting efforts - not to mention on your ability to retain your staff. A Google Consumer Survey found that 33% of people had turned down a job opportunity because of a lack of benefits. This goes to show just how important benefits can be and demonstrates why they should be carefully considered as part of your recruitment process.
What is the first step? You need to find out what your current employees view as the most significant benefits, if there is anything that they could do without and whether there is something that they would like to see added to their package. This could be done through anonymous surveys, candid conversations or suggestion boxes. Once you have a fair idea of what you are currently offering, it is time to think about the type of talent that you are trying to attract. Turn your attention to the types of benefits that they might be interested in. If you are looking to hire a young person straight out of university then offering onsite day-care might not be their biggest concern, rather the benefits that you should highlight could revolve around guaranteed training & development opportunities.
It is important that you are able to be flexible with the benefits that you offer so that you can create a package that suits your target candidate. While flexible work hours have a strong appeal for the older generations, research has found that Millennials tend to be more attracted to packages that offer free gym access as well as free lunches. There is not a one-size fits all approach so it is a good idea to ensure that you find out ahead of time exactly what you can and cannot offer them.
Also, highlight these benefits from the get go! Don’t wait until the third interview to let them know about paid time off or health insurance coverage. Be transparent and up front right from the start so that the candidate knows exactly what is available to them. This will also help them to decide early on whether this is the right opportunity for them.
Keep up to date with what your competitors are offering as well as speaking with your own staff to ensure that you don't miss out on a fantastic candidate due to a lack of benefits ever again!