Top Benefits for Attracting & Retaining Prospective Employees

Finding the right talent is critical to the success of any business in the long run. But the best employees aren’t just looking for a hefty salary – they might also be swayed by a range of fringe benefits, especially in today’s recruitment market. Below, we’ll be taking a look at some of the perks that businesses might use to attract, and retain, the best candidates for any given position, and in turn reduce their employee turnover.

Company car

A company car, usually through a car lease deal, is a popular perk for higher-tier staff, like managers and executives. The continually rising cost of motoring might make this an attractive perk for many employees, especially those who will be expected to drive long distances. Larger businesses will have greater leverage to negotiate discounts than single drivers, which means it’ll make sense to go for a company car.

There are a number of reasons that employees might prefer a company car. For one thing, it doesn’t create any financial ties for the employee, which means no danger of compromising a credit history. All of the costs are covered by the employer, this includes tax, services, new replacement tyres at regular intervals, and perhaps even fuel.

Four-day week

One of the easiest ways to make employees more productive is to give them back the time they’ve saved. If you can get just 25% more output for the hours worked, then you can do the same amount of work in four days than you would have done in five. It’s especially popular with employees looking for a superior work-life balance, and it’s been successfully trialled by many larger businesses. According to Mind, the mental health charity, around one in six people suffer mental health problems on a given week. Lightening the workload might help to address this problem.

On the other hand, this kind of working week won’t suit every kind of business. And you should be clear up front about whether the worker is, in practice, going to be working ten hours per day for four days. When expectations are violated, the new recruit might decide to look elsewhere – which can create a bigger problem than if you’d simply been honest.

Flexible working

By the same token, you might provide workers with a choice when it comes to their working arrangements. Many employees might prefer to spend at least a portion of the week working from home. This might allow them to spend more time with family and leisure commitments, and to save money on travel.

Of course, there are advantages to in-person workspaces which shouldn’t be overlooked. You’ll be able to provide a valuable social environment, and form stronger connections, and more effective lines of communication, when workers are communicating face to face.

A compromise between these two ways of working might provide the best of both worlds. Work that requires focus and isolation might be done at home; work that requires collaboration might be done in the office.