It’s not all about the salary!

As a recruiter, when I’m working with a company client, they are often not keen to pay top-tier basic salaries unless they really have to.

In the current candidate-driven market when it comes to the challenges of recruiting and retaining great talent the basic salary alone is not always enough. 

When I am discussing the desired salary level with a company client for a new employee I am recruiting, I believe we should think of this more as an Employee Benefits Package and employers need to be more innovative in how they approach this.

I would like to introduce a sample selection of 10 low and no-cost Employee Benefits that can be used by a company to help attract, recruit and retain great talent in a highly competitive, candidate-driven market.  The below are in no particular order and the list is not exhaustive.

Do you have any ideas that I have not included here? Please comment below.

1. Cycle to Work Scheme: Offer and promote the government's "Cycle to Work Scheme" which allows employees to purchase bicycles saving tax and National Insurance at a reduced cost, promoting eco-friendly commuting and fitness. Evans Cycles, Gov.uk.
2. Birthday Leave: Grant employees an additional paid day off on their birthday, providing a special perk at minimal cost.
3. Flexible Work Hours: Allow employees to set flexible work hours within a defined framework to accommodate personal needs.
4. Remote Work Options: Where possible offer the opportunity for employees to work remotely, reducing commuting stress and enhancing work-life balance.
5. Wellness Challenges: Organise regular wellness challenges with modest prizes for achieving health and fitness goals, encouraging a healthy lifestyle.
6. Mental Health Resources: Provide access to mental health resources such as counselling services or meditation apps, such as Headspace or Calm.
7. Private Medical Insurance: This is not always as expensive as you may think but it is a highly valuable and sought-after employee benefit and should not be ignored. WPA & Vitality are just two of the providers with WPA having a budget option.
8. Online Learning Subscriptions: Provide access to online learning platforms or courses to support professional development at a low cost to the company.
9. Employee recognition “Lifestyle Vouchers”: Implement a program which rewards and recognises employees or use them as a way of simply saying thank you to employees or clients.
10. Community Volunteering: Offer paid time off for employees to engage in community volunteering or charity work, demonstrating corporate social responsibility.

Providing innovative benefits not only enhances employee satisfaction but also showcases an effective and cost-efficient employee benefits package tailored to your company.

If you would like guidance and advice on structuring the right Employee Benefits Package for your employees please use the link below to book an exploratory call.

If you are a financial services company looking to recruit great talent or an industry professional looking for a new opportunity please use the below link to arrange a call to see how we can help you.

ARR Talent Limited specialise in helping Financial Services firms to Attract, Recruit and Retain great talent. If you are considering your career options or looking to recruit great talent, please get in touch with Graham Hughes.

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