How your Benefits and Rewards can Help your Business to Attract and Retain the Best Staff
Employee turnover has a significant impact on a business’s bottom line but attracting and retaining good staff isn’t easy. In fact most HR executives would state it to be their single biggest challenge. If you can attract and retain the right staff you will keep recruitment costs low and improve productivity which ultimately results in increased profit. But how do you that?Well, the concept of employee engagement has become increasingly mainstreamed into management thought over the last decade and is now widely believed to be the key to attracting and retaining the best staff. Businesses need to engage the best candidates right from the outset by creating and promoting a very positive company culture and offering an appealing range of rewards and benefits.
Attracting the best people (The Recruitment process)
Let’s start by looking at the recruitment process. This is your opportunity to attract the best people, your chance to really sell yourself as an employer. Your aim is for people to want to work for you, not just for the job itself or even for the salary that you offer but for the culture that defines your organisation. Whilst culture is difficult to explain in a recruitment advert, rewards and benefits that you offer are not, and are an excellent way of sending a message to the prospective employee about the type of employer you are and the culture of the organisation that you operate.
Benefits are not only cost effective – many are cost neutral for employers, they are also highly emotive. Providing staff with benefits that help them to improve their work/life balance or save money in their personal lives is far more appealing than a small taxed cash incentive that is expensive for the employer and underwhelming for the employee. Attracting people on the basis of favourable organisational culture and benefits will aid your staff retention because interested candidates are more likely to be those who will be loyal to your business rather than those who would be looking to jump ship at any opportunity for increased financial reward.
Looking to the future, you can make the job of recruiting the best people much easier by aiming to become an employer of choice. Becoming renowned for your positive company culture and benefits packages will likely bring the CVs flooding in regardless of whether or not you are advertising vacancies!
Engaging and retaining the best people
Once you have successfully negotiated the recruitment process and your preferred candidate is on board, it’s your job to turn perception into reality for that new starter, grow their passion for your business by keeping them engaged, and give yourself the best chance of experiencing their full potential and retaining them long term. In order to keep hold of great people, the ability to recognise and reward staff is essential and well documented, as is the importance of offering a good benefits package but the type of benefit that you offer can have a huge impact on employee engagement and in turn retaining good staff.
Many benefits offered by employers such as private healthcare or dental plans are great to have and would certainly help to attract potential job candidates to your organisation. However, once they have accepted the position and started work with you, such benefits will be filed away in a drawer at home with their employment contract and the impact of that benefit will slowly fade away until such time as they are unfortunate enough to need to make use of it. So in order to keep the appeal of the benefit that you offer alive and the perception that it generates of you as an employer fresh in their minds, consider providing your employees with a benefit that they actually get excited about, a benefit that they can experience and ENJOY every day.
Employee benefits – A No-Brainer!
The right employee benefits are a powerful influence in attracting and retaining the best people. They offer a solution that is both attractive and valuable to staff whilst in many examples being cost neutral to the employer. There are now a huge range of benefits on offer, suitable for businesses of every size and finding and introducing the right employee benefits for your business has never been easier.
Why choose the Let’s Connect Home Technology scheme as an employee benefit?
Our Home Technology scheme is a tax benefit scheme that gives you the opportunity to provide a benefit as part of your staff benefits package that your employees and their families can use and ENJOY every day. – a constant reminder to them that they work for a great organisation that makes employee well-being its top priority; an organisation with which they feel “engaged”. And the best bit is that providing your employees with this benefit won’t cost you a penny!
If you are interested in finding out more about the schemes we offer, take a look at our Benefits Page or contact us on 0330 2000 231 – we would be very happy to provide you with more information and answer any questions you may have.
A final top tip……
In order to achieve the desired effect, employee benefits and rewards need to be well communicated and promoted to your entire workforce regularly. Listing them will lose their impact, instead they need to be clearly defined and delivered in an engaging way.