SMEs often find it difficult to compete with larger businesses on salary so standing out from the crowd is absolutely crucial if you want to attract the very best people in your industry.
What we do know from lots of research is that money isn’t everything! Yes, you read that right, money isn’t everything.
What employees want are other behaviours and feelings that motivate them – business and job stability, a sense of belonging, to contribute towards a common goal, a pat on the back for a job well done and a sense of achievement.
The first thing is to ensure this is a properly considered decision to introduce the right benefits. As a business owner, your circumstances may be very different from the people working for you so what appeals to you may completely turn your team off.
Consider things like how far your employees travel to work, what are their family circumstances, their age (I know, controversial) and above all what they want.
Here are some ideas:
- Cycle to work scheme
- Health schemes
- Enhanced pension contributions
- Childcare assistance
- Increased holiday entitlement with length of service
- Salary sacrifice schemes
- Annual leave purchase
- Flexible working
There are lots of diverse ways you can attract and retain the very best people in your business without it breaking the bank. It is all about creating a workplace that people enjoy coming into every day and ensuring that any benefits are fair, for example don’t offer to take all the boys to an activity that would be considered male-orientated and leave the women out.
Ask people what would really benefit them. Consider sending out a survey, completing exit interviews with departing staff and even offer your employees a vote on the final options when you have shortlisted them.
The final piece of advice from us is to introduce benefits slowly, not offer everything all in one go. Introduce the benefits over a period of time and ensure that they are actually meeting the brief of benefiting your team before you start adding more options on top.
The Simple Take is: Identify and introduce the right benefits to your team