There’s more to retaining good employees than paying a competitive salary. Providing a few fringe benefits can go a long way towards attracting and retaining high calibre people.
Using employee benefits to increase tenure
Attracting and retaining quality employees doesn’t have to involve paying fringe benefits that are taxable. Sometimes it helps to think outside the square, and understand what each staff member really wants – what they value, what makes them feel valued, and what can set you apart from other employers.
Many of today’s professionals have a strong desire to achieve work-life balance coupled with a preference for career growth and professional development. This being the case, it can be worth focusing your employee benefits in these areas.
Providing opportunities to work remotely or other flexible work arrangements can help your team regain a balance between work and personal time. Allowing employees to work from home one or two days a week can also demonstrate a sense of trust in your staff. Other non-cash benefits that can support work-life balance include birthday leave or generous parental or study leave provisions.
Demonstrate support for career progression
Beyond this, high quality job candidates are often looking for ways in which your company can support their career. This makes it important to provide career development plans for each employee including a clear program of training and development that allow staff members to reach their full potential.