Benefits: Development, Retention & Exit
Study / CPD support is critical for the forward-thinking business but it is important to highlight the benefits related to personal development not necessarily directly linked to a specific job-related qualification. The person struggling with public speaking could benefit from a drama course, yoga classes could help the anxious / stressed person to relax and regain composure, charity days can help with team building and improve confidence and self-worth. Personal development can improve retention and boost employer and recruiter branding.
Some benefits are aspirational, linked to attaining certain milestones, these ‘enhanced’ benefits can be emotive and need to be carefully thought through. They can help with retention levels if managed well however it is important not to over promise and under deliver and communication regarding rules of the scheme must be clear to avoid negative repercussions. Examples include LTIP, increased bonus, better car allowance and eligibility to access EMI share scheme.
Let’s not forget the person leaving us, how can our benefits package support them? They may have completed a project, sale process, been made redundant or simply decided to leave, whatever the reason additional support can make the EXIT process more inclusive and will be seen as a benefit. The benefits linked to ‘Offboarding’ include outplacement support, agreed references, introduction to trusted recruiters etc. and will help to alleviate some of the stressful aspects at what can be an unsettling time. Your employee should exit with the most positive feeling possible if they are to be a future ambassador and are more likely to return or get involved with an associated company if required at a later date. A well-managed exit interview process is imperative to understand the reasons behind any leavers decision and a question linked to Benefits could be useful to be able to gather insight and data.