Work incentives and benefits
Work benefits and incentives are a great way of making your organisation stand out to potential candidates and can sometimes be used as a bargaining tool when negotiating salary.
The job market has become competitive as each organisation seeks the very best talent. Candidates can choose one job over another simply on the ‘benefits’ package, especially where the roles are similar. The type of benefits you offer can also reflect on the company ‘atmosphere’ you are trying to create and the loyalty of your employees.
Common employee benefits and incentives include:
- Discount on company products/services
- Paid holiday
- Health care
- Company car
- Share schemes
- Onsite childcare
- Life insurance
- Pension contribution
Other reasons for including benefits
- Benefits encourage employees to stay within their role and the organisation preventing them from moving to a competitor.
- Employees seek a balance between their social life and working life. Benefits provide an increase in their social life and helps with long-term planning
- Benefits have increased in importance as employees seek to gain additional rewards for their efforts. Offering a role without benefits is similar to offering a role without a salary.
- Benefits provide an alternative to increased salaries. These can help reduce the cost of your workforce whilst increasing its morale.
- Benefits are important to keep your staff retention high and attracting the very best talent for your vacancies.