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How To Use Benefits To Win Top Talent

In today’s unprecedented talent drought, employee attraction and retention are more vital than ever before. And with budgets still squeezed after Covid, most employers can’t afford to push salaries much higher. Benefits are now your main weapon in the war for talent.

Today’s candidates are looking for employers who support their personal and financial wellbeing in the short and long term. This is what sets one job apart from another. It’s vital for HR professionals to be able to explain and sell these benefits to candidates–and offering flexible hours and home working is just the beginning.

One of the most important benefits you can offer in the current cost-of-living crisis is on-demand pay. This benefit, which allows employees to access earned salary before payday, can make all the difference for the 40% of UK workers living paycheck to paycheck and save them from having to take out costly payday loans to meet unexpected expenses mid-month. Using debt to make ends meet can trap people in a vicious debt cycle.

Tuition reimbursement, commuting subsidies, and free lunches are other helpful options to support employees with the cost of living. Financial stress impacts people’s mental health and productivity, so offering these benefits will not only boost your employer brand but also support your people in doing their best work.

It’s a fact of life in the current job market that any good candidate will have other offers on the table besides yours. The right benefits package will help you hire faster as well as retaining employees for longer. Offering on-demand pay alone will double your speed of hiring.

Employee expectations have shifted post-Covid, and so has the balance of power in the job market. Candidates have the power to choose employers who make them feel valued and supported. Nothing does that more effectively than a holistic benefits package that underlines that we’re all in this together.

If you like to discuss how to make the most attractive/effective benefits package for your roles, feel free to contact the Abacus team, we’d be happy to help.