5 Awesome Job Benefits That Attract Quality Candidates
The most immediate question that organizations are trying to answer is How to attract quality top performers?
Building a team of top performers that will help them propel further amidst a highly competitive human resources market is critical. For that, organizations are increasingly investing in strategies that attract qualitative human capital.
Did you know? Companies that opted for employee benefits had over 56% lower attrition than those that hadn’t. Another study reported that over 61% of job applicants looked for structured and consistent benefits that the organization offered.
Therefore, it is quite important for organizations to devise a human resources strategy that comprises of attractive benefits.
We have compiled a list of plausible types of employee benefits that will help you attract some of the top-notch performers for your organization:
Career development is one of the most important aspects that applicants take into consideration before joining an organization. Some are looking to enhance their skill or take up a new course while others are already pursuing a course.
Companies like PwC offer student loan reimbursement that helps their employees reduce their pay up period significantly (by over a whopping Rs.7,46,000!). This is a major contributing factor since student loans form a huge part of their expenses and demotivates them to further pursue their career due to increasing interest rates.
Supporting employees by helping them financially in achievement of their career goals can be one of the best benefits that an organization can offer their employees.
Renowned company BP provides its employees with an incredible education benefit of 90% support for all of their education related expenses be it cost of tuition, books and fees.
Another education benefit that organizations can provide is to help them enroll on courses that help them with upskill. For example, JetBlue runs a JetBlue Scholars program that employees can enroll upon fulfillment of eligibility criteria which comprises some of the approved comprehensive courses.
2. Flexible work timings
Among the different types of employee benefits that organizations offer to their employee, flexible work timings are definitely the most preferred ones. Stress from travel, family care, time for co-curricular activities can be some of the reasons that can direct towards the need for flexi timings.
According to a research study conducted by Powwownow, over 64% people don’t work on flexible work timings and prefer that their timings be more flexible.
Another report stated that over 77.2% applicants find jobs with flexible work timings more attractive benefit compared to other types of employee benefits.
Google India is one of those companies in India who are known for offering their employees with some of the unique benefits like fixing your own work schedule. KPMG India has similar policy as well which allows its companies to work from anywhere. They believe that employees perform better when they are not restricted by work timings, place or fixed schedules.
3. Health, Dental, and Vision Insurance
Insurance benefits do the job of making the employee feel secure from financial insecurity at times of need. Therefore, insurance benefits act as an integral part of attracting quality candidates.
Since only 39% of organizations in India have spent on their full-time employees’ insurance, it has become important factor under consideration while devising a plan for employee benefits.
In a survey it was found that over 88% of employees prefer organizations with health, dental and vision insurance.
Another advantage is that it can be adjusted to employee’s budget plans specifically wherein they don’t have to bear the cost of complete premium and can opt to pay it monthly.
Providing employees with assistance in regards to their insurance is also an additional perk that can be offered to them.
Hindustan Liver considers its human resources as the most important asset and for their safety it takes full responsibility of their Health and Safety offers its employees with full health insurance protecting them against all the possible damage to health.
4. Employee wellness plans
Wellbeing is of prime importance in today’s world therefore increasing employees are now placing their interest into their overall wellbeing. According to an IFEBP report about 9 out of 10 organizations offer some or the other form of wellness program to their employees.
Organization sponsored wellness programs come a long way in terms of providing the employees with a holistic wellness program that cater to multiple facets of their wellbeing.
According to Udemy, over 48% of employees have reported that their organization’s well-being program has helped them combat stress significantly. Yoga, Meditation, Concessional gym memberships are some of the ways organizations can help in lift employees through benefits.
It also contributes greatly to employee morale and creates a positive organization image that attracts qualitative candidates. Another study by NCBI stated that Wellness plans improved overall health of employees.
5. Retirement Planning
Taking care of employees needs in exchange for their services throughout their time from the date of joining to relieving them when they complete their service is what distinguishes an organization from the rest.
New joinees evaluate an organization based on the lifelong benefits that they get both during their employment and after their period of service. According to a research study, over seventy seven percent employees want their organization to contribute to their retirement plans.
For increasing your organization’s brand having a comprehensive retirement plan for your employees is a must. That can include pretax income contribution retirement plans that encourages employees to save part of their income for their future.
Retaining and attracting qualitative performers sure is difficult within a market that is highly competitive with more organizations hunting for the best. The key lies in offering a tailored benefit that encompasses all the facets of an employee’s needs such that the employee is not only motivated to work at his fullest but take the organization to newer heights.
VM Consultants assists organizations in carving some of the most attractive human capital growth strategies that elevate their brand’s reputation to the next level.