Why are benefits important?
The days when salaries dictated the attractiveness of a company are over. Admittedly: A big number on the pay slip at the end of the month is still an important aspect for applicants.
However, other soft factors have long since come to the fore. The 2018 Employer Attractiveness Monitor by Splendid Research shows: 43 percent of younger employees (Generation Y and Z) would give up their salary to receive selected benefits. By comparison, only around 25 per cent of older Generation X employees are willing to forego benefits.
It is therefore no wonder that more and more young applicants and employees are looking at advantages and benefits and not just at the salary alone.
Read on: In this article we reveal current HR trends in finance.
On the offensive: Communicating benefits from the start
What does this mean for recruiters and HR managers? The right benefits already have an effect during the application process when searching on job portals, social media & co. If you only come up with standard phrases in recruiting and don't offer anything that is expected anyway (keyword: fruit basket), you won't even come into contact with candidates.
Therefore: Go on the offensive. Mention the benefits your company offers in job advertisements, your social media ads and in all recruiting campaigns. In this way, make your company interesting for potential applicants from the very first touchpoints.
10 Benefits that hit the mark
Advantages and benefits are not only exciting for potential new colleagues, but make the entire staff happy. We at Schulmeister Consulting know what employees value and present you with the most effective ten benefits.
1. COMPANY PENSION SCHEME
Old-age provision is a topic that many young employees give little thought to - yet it is essential. With occupational pension schemes, employees benefit from tax advantages and pay for their life after their job with great effect.
2. FURTHER EDUCATION
Learn, learn, learn - spending 40 years in a one-dimensional subject area or industry is no longer an option for most younger generations. So how about further training opportunities within the company? This benefit is a win-win situation for all parties involved: employees can access training easily and without (high) costs - and the company benefits from an increasingly smarter workforce.
Company Bikes, company cards and public transport cards. Rising fuel prices, increasing environmental pollution and the question of ethics: driving your own car at your own expense is no longer as attractive and respected as it once was. Young employees in particular are therefore happy about mobility benefits such as free public transport tickets or company bikes. In many cases, company cars are suitable for colleagues in sales or with long commutes. This saves employees the often lengthy and expensive process of buying a car and benefits them from a tax perspective.
4. FINANCIAL INCENTIVES
Bonuses, holiday allowance, christmas bonus. Of course, as a recruiter or HR manager you never have a completely free hand with all the benefits that are possible. The management must be ready for financial incentives in particular. Various studies show: Attractive bonuses or holiday and Christmas bonuses are effective financial incentives that motivate employees
5. SPORTS AND LEISURE FACILITIES
Did you know that Austrians spend an average of 5.3 hours a day sitting? Just 47 per cent do the recommended amount of physical activity - more than half of them need to catch up in terms of physical activity. Sports and leisure activities within the company are therefore becoming increasingly popular. The possibilities range from table football and company sports to free memberships in fitness studios.
6. CANTEEN, LUNCH VOUCHERS AND MEAL OFFERS
Inflation continues to rise and everything is getting more expensive - this development does not stop for anyone. Company canteens, cooperation with the restaurant next door or general lunch vouchers can be used as a benefit to ensure that there is more money left over at the end of the month - and that employees are full and happy.
A study in neighbouring Germany shows that almost half of the respondents would like to take time off from their jobs. It doesn't have to be a whole year. Three or six months is enough for many employees. If companies can offer a sabbatical as a benefit, it makes employees happy. This is true in two respects: both the knowledge of the opportunity itself and the time off itself are valued.
8. FLEXIBLE WORKING HOURS AND HOME OFFICE
Benefits that are almost no longer benefits because many employees take them for granted - that's how flexible working hours and home office can be summed up. But does this really exist "everywhere"? Many different studies show that there is still a discrepancy between the wishes of employees and the actual flexibility. Companies that are able to offer the desired flexibility gain points with applicants and their staff.
9. EVENTS FOR EMPLOYEES
Team excursions, big Christmas parties, after-work activities and regular get-togethers. Events for employees strengthen cohesion within the company and enable contact outside the office and warehouse.
The classic role model of the working man and the child-raising woman has long been laid to rest. This makes the compatibility of work and family important for many employees. With their own childcare or cooperation with day-care centres or kindergartens, employers score points above all with parents - and of course with those who are yet to have children.