Talent retention and benefits go hand in hand. In an increasingly competitive job market, companies that offer significant compensation get ahead when it comes to attracting the best professionals. So if you want to take advantage of the war for talent , you need to develop employee benefit strategies .
This is not an easy task, but when done well it can bring great results to people management . With that in mind, we explain in this article the main steps to create employee benefit strategies appropriately. Want to know more? Check out everything below!
Why are benefits important?
As we announced in the opening of the post, the biggest advantage of employee benefit strategies is the increase in the attractiveness and retention of talents .
Even in a market in crisis, good professionals continue to have many employment options, due to the shortage of qualified labor in several sectors. In this scenario, only a good salary is not able to shine the eyes of candidates and employees. Something more is needed.
This differential lies in the benefits package. To give you an idea, in a study done in the USA , 32% of participants said they plan to change jobs in the near future. Of these, 15% said that the lack of satisfactory benefits is the main reason.
The attraction and retention of talents stand out, but they are not the only advantages of investing in employee benefit strategies. In the long run, this initiative helps to increase employee satisfaction , engagement and productivity. This means more quality in deliveries and more relevance for the company in the market.
However, to obtain these results, it is necessary to go far beyond the basics . Many entrepreneurs think that offering transportation vouchers , meal vouchers and health insurance is enough to keep employees close, but that’s not how it works.
It is necessary to invest in a complete package , with creative benefits, unique and, above all, relevant to the daily lives of employees. They do not have to be the same benefits offered by other companies, nor need they be very numerous. It values quality over quantity.
Thus, it will be possible to guarantee happiness at work and increase the pride in belonging to the organization.
>> To learn more about which benefits to choose, check out this other blog post: Additional benefits: an out of the box valuation . <<
How to create employee benefit strategies?
Developing employee benefit strategies requires a lot of planning. There is no point in implementing benefits out of fashion or without doing a proper study . If they are unable to satisfy employees, all the time and money invested in the initiative will be in vain.
Next, check out the main steps to design this strategy efficiently:
- find out what employees want;
- evaluate options and cost-effectiveness;
- stay tuned to innovations in the area .
Find out what employees want
Not all the benefits are worth the investment , especially at the beginning of the strategy. Use your budget wisely, implementing only benefits that are really relevant to the employees’ personal and professional daily lives.
Among the most popular, we can mention the benefits focused on health and well-being , career plan and policies such as home-office and flexible hours , which increase the quality of life.
However, this is not a rule: what is important for the employees of one company may not be another , due to differences in the profile, generation and priorities of the professionals.
The best way to find out what employees really want is to ask them . Therefore, periodically carry out a survey of benefits in the company. Thus, it will be possible to accurately assess team satisfaction with the current package and determine improvements to keep satisfaction high.
Evaluate options and cost-effectiveness
Once it is clear which benefits are most desired by employees, research the best options available on the market.
Assess the investment that needs to be made and the cost-effectiveness of each partner or supplier. This study is essential to build a quality package without compromising the company’s revenues.
There is no point in offering benefits that the company cannot afford. This will only generate financial imbalance and frustration in the team, in case of cancellations or delays in granting compensation.
So, how much to spend, exactly? This will depend a lot on the size of the company and the benefits included in the plan. Most organizations spend about 30% of each employee’s salary on the benefits package. Try to keep your investment in this range, if the financial health of the business allows it.
Stay tuned for innovations in the area
To get the employee benefit strategies right, always be aware of the innovations in the area . This way, you will be aware of what is happening in the market, especially your competitors, and you will be able to create a powerful plan to attract and retain employees.
For example, one of the biggest global trends in corporate benefits is on-demand pay . In this model, the employee can receive the salary of the days already worked in the month at any time, without waiting for a fixed payment date.
The Xerpay app is the perfect example of how this works. Through a simple and intuitive platform, employees can track their earnings and request payment online. The money falls into the account immediately, without complications.
Such a benefit is able to help employees have more control over their own money , as it facilitates the planning of monthly expenses. It is this relevance that will impress the best professionals and help keep them in your company.
This extends to other benefits with multiple focuses. A good tactic is to be inspired by companies that are a reference in people management, like Google , when setting up your plan.
Include leisure areas, free snacks, a structured career plan, culture vouchers, practical help for the home and whatever else your creativity and budget allows .
As we saw throughout the post, developing employee benefit strategies is not simple, but it can bring great results to the business . So put what you’ve learned into practice, doing a thorough study of what your employees expect from the company. The results are sure to be great.
Did you like the article? To get deeper into the subject, check out this other blog post and learn more about the relationship between benefits and organizational climate!