February Edition: Benefits that will help you to win the war for talent

A company's success depends on attracting and retaining top talent. Every organization should prioritize retention due to its impact on all aspects of its business, from the cost of turnover to overall productivity. Replacing an employee can cost up to twice the employee's salary and damage your organization's morale. HR professionals need to understand which benefits and perks resonate most with their employees to attract and retain them. Standing out in a competitive labour market and keeping your best employees will be crucial to your success.?

1. Shorter work week

Since employee well-being and evaluating employees on performance have become more important than attendance, we have come closer to the four-day workweek. There might be a counterintuitive element to the concept that employees can accomplish the same amount of work in less time. The idea of a four-day workweek is relatively new and was primarily made possible by recent technological developments. However, a few businesses have previously tested the idea, with positive outcomes for workers and employers. In reality, four-day work weeks are better for some people than others, just as remote work is not for everyone. We, therefore, require flexible opportunities - for everybody - in order to prevent further polarisation of an already polarised workforce.

2. Remote/hybrid work

There are numerous ways to work remotely, therefore the two are not synonymous with working from home. It's possible to work remotely from anywhere, including your house, a co-working facility, a coffee shop or a park. I notice that a lot of employers confuse this, so when they think of an employee working from home, they imagine the conditions that surprised most of us during the pandemic - working at the dining table with a difficulty focusing in a house full of people. Here it is completely the opposite - we have learned to work with focus and commitment in conditions that suit us best. For one person it will be the library in complete silence, for another, it can be an apartment with a dog sitting next to them, for someone else it will be productive in co-working with a chance to meet people from other companies on their break. Here we come to the next point - a flexible schedule.

3. Flexible schedule

Choice matters, so it is worth thinking about the flexibility around the daily work schedule. Since working remotely frequently entails greater flexibility, employees may have more control over when they complete their duties. However, employees must be tough with themselves about adhering to the number of hours they are required to work because "always on" working can be detrimental to mental health and productivity. A flexible schedule can be still a great benefit to retaining talent but needs huge attention from both sides. Flexible working can take on many forms, whether it be flexitime, shift working, or job sharing, so make sure you know what you want to offer to your employees and what the related benefits could be. Top talent will now consider flexible working hours and conditions to be crucial factors in deciding whether or not to work for a company. This characteristic is especially important for Millennials who seek flexibility. A transparent, open, and honest flexible working strategy might help your company attract top employees.

4. Education & Career Growth opportunities

Career development opportunities are any activity that helps people improve their professionalism, such as networking, education, or skill development. Often, this leads to a position with greater seniority or leadership responsibilities, rising one's annual salary. Achieving employee individual career goals is only one aspect of career growth. It also has to do with the goals of the organisation for which they work. An organisation invests in its future when it invests in the development of its workers - a good employee who is happy with their job is more likely to remain with the company for a long time. In addition to reducing employee turnover, this will save the company money on training and recruiting new employees. As mentioned in LinkedIn Talent Blog , “Learning is critical to achieving more with less. When the economy picks up, employees who’ve built new skills during challenging times will be better positioned to help your business soar."

5. Wellness benefits

Employees perform at their highest level when they are at their best, which inspires their colleagues to do the same. Naturally, the inverse is also accurate. You help your organization by preventing employee illness, exhaustion, and mental burnout while showing your employees that you care by giving them healthy options and initiatives. These rewards may also serve as team-building exercises, fostering a more uplifting workplace culture. To put together such a programme, there is no one-size-fits-all strategy, thus carefully preparing your project is essential to ensure maximum success and impact. While remaining practical and doable given your organisational, physical, and financial restrictions, a successful health and wellness programme should engage your staff and cater to their needs.?

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