With the economy slowly emerging from the recession many employees are considering their next move. The benefits offered to them will play a major role in the decision making process in regards to their final employment choice decision. As illustrated in a survey conducted by Aon Hewwit, getting the right employee benefits mix is the key to having a successful employee retention.
According to their survey, the single most important benefit that employees would swap cash for would be pensions. The second most attractive benefit is financial protection, with over one-third of employees willing to exchange pay for improved levels of protection against illness and injury. For employers who believe that a high salary is enough of an incentive, this should come as a surprise.
Aside from pensions, healthcare, and life assurance, employers can offer a wide range
of additional flexible benefits to attract and retain employees, such as the ability to negotiate
extended periods of paid or unpaid leave. Few expressed an interest in purchasing additional vacation days,however this suggests that employees are attracted by the freedom and flexibility of a long period of leave rather than additional short breaks.
To determine what potential employees might want ,employers should take the time to visit the European Commission's website. Making sure that the offered employment package corresponds with the law in the country of employment is be essential to attracting the right kind of candidates.
Ultimately though, communication is the most important benefit, give your prospective employees the opportunity to negotiate their benefits package based on their needs and lifestyle to suit you and employee.
Source: Vine 17