How to build a competitive benefits package?

With the arrival of new generations in the job market , a lot has changed in relation to people management . For younger professionals, the quality of life and benefits are as or more attractive than a high salary. Therefore, knowing how to build a competitive benefits package is one of the main HR challenges in organizations.

How do you know what employees want? How to differentiate yourself from the competition? To answer these questions, we explain everything you need to know to put together a competitive benefits package .

Want to know more? Stay with us!

 

What is a benefit package?

Benefits package is a set of benefits offered in addition to the monthly salary. It is part of the indirect remuneration of employees, who can still count on bonuses, awards and profit sharing of the company.

In Brazil, some benefits, such as transportation vouchers , are mandatory by law . However, companies that seek to stand out in the market go far beyond that, offering the most diverse types of advantages to their professionals.

competitive benefits package is a huge differentiator in attracting talent . Therefore, HR must think in a creative and relevant way, always thinking about how they can make a difference in the team’s quality of life .

It is worth saying that the benefits cannot be paid in cash . This practice represents a change in salary, which is taxed with specific rules. Therefore, any organization that disrespects this rule is subject to fines and penalties .

 

What to do to build a competitive benefits package?

In addition to helping to attract candidates, knowing how to put together a competitive benefits package also increases team satisfaction.

According to an American survey , happy employees are 12% more dedicated to work, which means much more productivity. One more reason for you to seek to offer the best benefits to your employees.

But how to differentiate yourself? How do you know what they want? See below for some tips to successfully overcome this challenge.

 

Benchmarking

To be more competitive, it is essential to know what your competitors are doing. Do a detailed benchmarking and find out what other companies in your area offer to employees .

Thus, you will have a good idea of ​​what can not be missing in your benefits package , and will know what are the differentials of each evaluated company.

In addition, you will be able to identify gaps in advantages that are not exploited by other organizations, and take advantage of this to stand out.

Before implementing more creative benefits, remember to do the basics with quality : respect the right to transportation vouchers, have a good health plan and include a fair value of meal vouchers in your package.

Another important tip is to respect your budget limits . If the budget is reduced, there is no way to match global giants like Google, for example. But, being innovative, it is still possible to think of alternatives to bring good advantages in a unique way .

 

Be relevant

No benefits should be included in the package just to make a number. All must be relevant , so that the employee can really make use of what is being offered.

Otherwise, it is a bad deal for both the employee and the company, which ends up investing in something that does not bring any satisfaction to the team.

 

Ask the staff for their opinion

Want to know what your employees want? The most effective way is to ask them . Conduct surveys and ask employees for feedback on the benefits package . Thus, it will be possible to know what is working and what could be improved.

Take into account all suggestions and do your best to meet the identified demands. That way, HR will know exactly how to put together a competitive benefits package that meets all the needs of employees.

 

What benefits to choose to be more competitive?

Of course, there is no ready formula. Each company must evaluate its own group of employees and, based on this, decide which benefits add the most to the team.

However, certain advantages are of interest to virtually all professionals, especially those that involve finance and career growth .

Below are some of the benefits you can offer to satisfy employees.

 

Pay per day

Tools such as Daily Pay are gaining more and more space among large companies. In this system, the employee is paid daily , and can access payments not yet made at the time of his choice .

In this way, the professional gains more freedom and control over his own salary .

For example: if an account expires on the 12th of the month, the employee simply needs to request payment and settle the pending amount within the deadline. If he had to wait until the 30th to receive, he would risk missing the date and having to bear interest later.

This flexibility makes payment per day a very advantageous model for professionals . For this reason, it has become one of the greatest weapons for attracting talent from organizations .

 

Financial welfare benefits

Benefits that promote financial well-being are among the most desired by professionals, as they help to better control the personal budget .

The Facebook , for example, offers aid costs for mothers and fathers of newborns.

Evernote employees , in turn, have house cleaning twice a month. Not to mention free snacks in the office, which help to alleviate food expenses.

In addition to these advantages, another possibility is to invest in financial education for employees. This is a great way to teach them how to manage their wages in the most efficient way possible , reducing their worries about personal finances.

 

Remote work and flexible hours

Today, with the ability to perform tasks remotely, many companies allow their employees to do home-office at least once a week.

This reinforces the tendency to value the balance between personal and professional life , something very desired by professionals today.

Other measures of this type are also gaining ground in organizations. Among them, we can mention flexible working hours , autonomy to choose vacation periods and birthday day off. They all help the company and demonstrate that they care about employees’ free time .

 

Training and development

Investing in training and development for employees is an excellent way to strengthen your benefits package .

The corporate education is very useful both for professionals and for the organization.

On the one hand, employees have the chance to improve skills that they will take for life. On the other hand, the company has increasingly qualified and able people to take the business to the path of success.

The career plans and development should be consistent and personalized, taking into account the profile of each professional . The formats can be diverse: online courses, certifications and job rotation are among the most effective to favor the evolution of the team.

 

Now that you know how to put together a competitive benefits package , how about putting what you’ve learned into practice?

Remember to do market research and assess the interests of your staff. Thus, it will be possible to think of relevant advantages, which will leave the team extremely satisfied and engaged.

 

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