This week, journalists from Thomson Reuters interviewed me about unusual work perks and the influence workplace benefits can have on swaying a candidate’s decision to take a role. As it’s a topic high on the HR agenda, I thought I’d share some of the key takeaways.
How far do work perks influence a person's decision to take a job role?
If someone has two job offers on the table, there’s no doubt that a strong benefits package will sway the final decision in their favour. And in a market such as it is in London now, it’s not unusual for candidates to have more than one offer on the table at same time. Added perks play a critical role in giving a company an edge over their competition, improving their chances of securing the top candidates in the market.
Candidates are far more influenced by soft benefits and are more aware now of the influence wellbeing has on the workplace agenda. Having a wellbeing strategy in place reflects well on a company because it shows potential employees that they look after their staff and actively seek to protect them from workplace stress.
It’s not all about the salary
Candidates will ask about perks at the time of briefing and some of the "nice-to-haves" are now expected. For example, most companies offer more annual leave now rather than the statutory 20 days. In the city, free canteens and complimentary gym memberships are growing in popularity. Some of the more unusual work perks include egg freezing, unlimited holiday days, life coaching sessions and 0% loans to help with big life purchases.
Overall, there’s no doubt that companies are becoming more creative with the perks they offer, and benefits such as flexible working arrangements can make a role much more attractive. There’s no doubt that employers who support work life balance overall will win the affections of prospective candidates far more easily.
Compete on a level playing field
In the last few years, companies have revolutionised their benefits packages. While many will offer comparable salaries for similar roles, if they want to stand out from other businesses in their sector they should consider the whole package.
Indirectly, perks give candidates the impression that they place increased value on the wellbeing of their employees. Not all perks have to cost a lot of money and they can play a huge role in motivating staff, building loyalty and contributing to lasting staff retention.
The long-term impact
The cost of setting up a great benefit vs recruitment costs incurred from high turnover will usually mean that it’s a worthwhile investment. Employers who look to use recruitment budgets to improve benefits now will be far more likely to save on recruitment costs later.
Benefits can also have significant implications for employer branding which pays huge dividends in word of mouth and personal referrals.
While the links between wellbeing and improved productivity are well documented, wellbeing strategies are becoming increasingly commonplace: 45% of UK businesses have a well-defined wellbeing strategy in place compared to 30% in 2016. Businesses who haven’t yet prioritised workplace wellbeing may risk fallout on long-term productivity and business performance.
In summary, a robust benefits package can play an important role in both talent attraction and retention, low turnover, reduced recruitment costs, improved staff wellbeing and stronger employer branding long-term. If you’d like Tiger to help with your hiring strategy, please get in touch.