Unlock value beyond salary with workplace benefits

Negotiating workplace benefits

The cost-of-living crisis has significantly impacted the job market. While compensation remains a primary focus for many job seekers, it's not the sole driver of employee satisfaction or retention. To attract and retain top talent, businesses must look beyond traditional compensation packages, considering non-monetary benefits as strategic tools.

A recent Michael Page survey revealed nearly a third of candidates (29%) are open to negotiating non-monetary benefits. This highlights the growing importance of holistic reward strategies.

By providing a strong benefits package that fits both employee needs and company budgets, you can reward star employees while staying within budget, enhance job satisfaction, boost employee retention, and strengthen their employer brand.

What are employees looking for?

Our recent talent insights survey of 6,000 candidates indicates that beyond salary, candidates prioritise:

Work-life balance initiatives (46%), with flexibility, remote work options, and hybrid models increasingly sought after.
Company pension plans (39%) which offer a sense of future financial stability.
Health and wellbeing, seeing 26% cite private healthcare and insurance as important.
Other financial incentives like savings schemes or stock options (15%).
Extra holiday allowances (14%).

By offering a competitive benefits package tailored to your employees' needs, you can enhance job satisfaction, boost employee retention, and strengthen your employer brand.

Unlocking the full potential of your benefits package

To truly maximise the impact of your benefits package, consider these key strategies:

Use employee surveys to regularly assess employee satisfaction with current benefits.
Allow employees to choose the benefits that matter most to them. With the growing five generation workplace, consider offering tailored benefits that meet the needs of employees at different life stages.
Clearly communicate the value of your benefits package. People don’t know what they don’t know!
Regularly review and update your benefits offerings to stay competitive.

How Michael Page can help

At Michael Page, our HR advisory team can help you design and implement transformation and people strategies including compensation and benefits that attract and retain top talent. Contact us today to discuss your organisation's specific needs.

By focusing on employee wellbeing and offering a competitive benefits package, you can create a positive and productive work environment that sets your business apart.

Explore our HR Advisory services or get in touch to discuss your needs.

Visit HR Advisory