Benefits schemes are a big topic when it comes to attracting candidates to your business. They can also play a key role in retaining your talent. So, making them as appealing as possible is important. For many businesses, especially those in the SME or start-up category, the cost of benefits is a major factor in whether they are implemented or not. The cost can be financial, but it doesn’t have to be. Some benefits can be offered at no financial cost to you, only the cost of time.
Now, we all know the old adage that time is money, but in reality, it depends on the culture of your business as to how long it takes people to deliver a task. It’s not a binary exercise. Productivity and efficiency are outcomes of your company culture and whether you’ve hired people that fit that culture. Hard work isn’t defined by the hours spent at a desk it’s defined by effort and most importantly, output.
Have you considered enhancing your benefits schemes by offering people more flexibility or more holiday? Holiday could be as little as offering people their birthdays off, or mental health days to take some time out to switch off in addition to the standard quota, all the way through to unlimited holiday allowances. Flexibility can range from a couple of days a week working from home to complete empowerment for people to manage their days as they see fit. On the softer side of the benefits scheme how about organising running clubs or book groups? Do you have a mentoring scheme within your business where leadership donate their time to developing and helping people with their roles and careers?
These things cost you nothing financially but mean so much to so many people.
Providing you are hiring people that share the same values as you and your organisation then people will not take holiday to the extent that they cannot perform properly. The reality in many cases is that people in fact don’t take enough holiday. People won’t spend 5 mornings a week on the golf course while claiming they are working from home, most of the time they just want to do the school run or to make it to a self defence class on time a couple of times a week.
Many studies have shown that people are more productive when they are given the flexibility to manage their own time. People are also happier and healthier, they feel empowered and trusted, they’ll repay this with loyalty and hard work.
These free to offer benefits can play a key role in a candidate accepting an offer to join your business. Assuming you have done everything correctly – they have had a positive interview experience, you have made a competitive base salary financial offer, and the role meets their career aspirations. The additional benefits may tip the scale in your favour over a competitor offer on the basis that you offer your employees these free, enhanced benefits.
…not bad for £0