How to build a good benefits package
In the competitive world of technology talent, attracting, securing and retaining top talent is a constant battle. No one thing is the key, but the benefits package is a crucial piece of the puzzle. Getting this right can go a long way to helping build that superstar team.
By definition, a “benefits package” is the series of perks and benefits that a company offers its employees on top of their salary. In reality, It’s much more than that. It’s a chance for you to set yourself apart from the competition and build a company culture and environment that employees love.
First things first, what are benefits and what are not benefits?
You’ll often see things such as holiday leave, bank holidays and pension scheme listed as benefits. These aren’t benefits. 20 days holiday leave, bank holidays & a company pension are legal requirements for permanent employees or staff (In the UK atleast).
So, what are benefits?
Benefits are the added extras, the things that put the icing on the cake when working for a company. It’s your chance to differentiate yourself and show why you are so amazing to work for.
Some of the most popular benefits in 2024 include:
The key to building a really successful benefits package though? FLEXABILITY!
No 2 people are the same.
Employee A might have 4 kids and struggle with childcare. Flexi hours for school runs, WFH options and childcare vouchers may be very valuable to them.
Employee B on the other hand may have no children and therefore no use for a lot of these things. They may want training opportunities and performance based bonuses or a free gym membership and shopping vouchers
The best benefits package is one that’s flexible to all. I understand it’s not realistic for companies to offer every employee every benefit so often points based systems are the best way to manage this.
Allow employees to pick and choose the benefits which they value …
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E.G. 200 points per year:
50 points – Private health insurance
25 points - 5 days extra annual leave
25 points – annual gym membership
10 points – 1 month of childcare vouchers
.....
The exact pricing of a point system will vary company to company, but this is the best way to offer a broad benefits package that suits all and helps attract and retain top talent.
How much impact does this have? A LOT! I’ve seen candidates with multiple offers take a role which is ￡5000 less on the base salary because the benefits package was brilliant.
Flexibility and benefits are more important in 2024 than they have ever been before and getting this right is crucial if you want to hire and retain top talent.
If you want help building a good benefits package or hiring process then feel free to reach out.
I'm Sam
?? I connect businesses with technology talent in the UK, USA & Canada
?? Tech managers & HR teams work with me to fill their niche vacancies
?? Developers/Engineers use me to find their dream job
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