Top Reasons Your Benefits System is Less Than Perfect

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There are so many you can set your brand apart from other companies. You do this not only for the sole reason of getting the best clients on the market. It also goes beyond the fact that you want to establish relationships with the right connections. You are also doing this to attract the best talents to help you build a stable business.

With the right people working with you, you will find it easier to achieve your business goals. As they always say, talent retention matters just as much as client retention. But how can you entice qualified job seekers to apply and stay in your company?

Businesses make use of different perks to give candidates and employees enough reasons to choose their brand. This serves as your willingness and initiative to take care of their needs to gain their loyalty in return. But then, not all benefits systems work well for every company.

There are times when your incentive program does not sit well with your target candidates. Knowing what today’s workforce wants and what you’re doing wrong will make it easier for you to determine if your efforts are working out. The following are signs you need to make improvements with your perk system.

You Think Benefits are All the Same

Some businesses think some things they offer to their employees are already perks. But in reality, these could very well be the kinds of benefits every employee expects you to offer them aside from their salary. Take Netflix’s headquarters in California as an example.

When one applies to a job, they expect they have working hours to clock in. But with the content platform giant, they don’t track working days and hours. Instead, the company measures the performance of their employees based on what they get done.

In simpler terms, if your employees expect something from you, chances as these are expected benefits and not company perks. This includes paid and unpaid leaves, unemployment insurance, and taxes related to Medicare and social security. Perks are your offers that are unexpected rewards or benefits that not every other related business offers to their employees.

If you want your business to stand out, make sure you offer something that is unique and useful. You can consider talking to a consultant for defined benefit schemes for your employees. Fewer companies are offering their employees a pension plan, which means offering this type of perk can help you with acquiring and retaining better talents in the long run.

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You’ve Been Nursing the Same Perks for Ages Now

When was the last time you revisited your perk system and checked if these still meet the needs of your staff? Some companies have been offering the same perks for so long that they have no intention of making any changes any time soon. But if you are reevaluating your marketing efforts every now and then, the same should go for your perk system.

Remember that change is the only thing that will stay consistent in this world. Your employees change, as well their needs and expectations. Failure to meet these variables can leave you with a workforce that lacks numerous team members.

So, make sure you find time to rethink your incentive system and allow your perks to evolve. Consider what your employees want. If you are not sure what they need, go ahead and ask.

These days, more Baby Boomers are leaving their spot to millennials. At the same time, Gen Z started entering the workplace. This means thinking of new perks that will entice millennials and Gen Zs are your best bet in keeping these cohorts from leaving your business.

All You Are Offering Is a Culture of Entitlement

How you treat every employee can impact your ability to retain and attract talents. Sure, employers like you should provide equal perks to all staff. But simply giving in to all of their demands is not the best way to go.

Note that not all of your staff have the same needs. Not everyone has plans of advancing in their careers. Believe it or not, there are those who are simply happy to stay in the same position for as long as you provide them with unexpected perks that make their life easier.

Don’t think that all perks have to be monetary. Sometimes, all employees want is to be able to take a mental health day whenever they need one, the ability to work remotely during difficult days, or be offered free rides to the office after you moved locations. Make your perks a lot more exciting by offering different perks now and then.

Your perk system exists for a reason. But if it fails to achieve its goal, then you are only wasting resources and efforts. Find ways to improve this and you can always get access to the best talents in the industry.

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