- Another typical blunder is failing to give competitive wage and benefits packages in order to attract top staff. Candidates in today’s competitive job market expect more than just a wage. They want full benefits packages, opportunities for growth and development, and a favorable work atmosphere. To attract and retain top employees, businesses must provide competitive wage and benefits packages.
- Companies might begin by researching industry standards and trends to understand what their competitors are offering in order to establish a competitive compensation and benefits package. Companies can also survey their employees to learn about their wage and benefit needs and preferences. Finally, businesses may prioritize employee engagement and happiness by giving chances for growth and development, fostering a positive work atmosphere, and offering a variety of employee perks such as health insurance, retirement plans, and flexible working arrangements.
Employee benefits are an important component of the employee remuneration package and can be a determining factor for candidates who have many job offers. They can also assist in increasing staff productivity, engagement, and retention.
According to a recent survey conducted by the Society for Human Resource Management, 90% of survey respondents consider healthcare to be an extremely or very significant employee benefit. Flexible work and leave time are extremely or very important to 83% of respondents.
Employee benefits can also assist boost employee engagement and productivity. According to a research conducted by the International Federation of Employee Benefit Plans, businesses with high levels of productivity and engagement provide perks such as paid leave, healthcare, retirement, flexible hours, and wellness.
Read more about employee benefits in 2023