The global skills shortage is growing, and it's up to employers to find new ways of attracting top talent. Introducing employee benefits will help them do this.
Right now, nearly half (45 per cent) of global employers can't find the skills they need, according to Manpower Group's 2018 Talent Shortage Survey. In Australia alone, Hays reports high demand in project management, information technology, strategy and consulting, and general management.
Meanwhile, even once you've hired the talent you need, there's no guarantee they'll stay with you. Average job tenure is just three years four months in Australia, and for 25-35s this reduces significantly, standing at two years and eight months. For under 25s, average job tenure is just one year eight months (research from McCrindle).
So, how can employers hire top talent in this highly competitive, skills shortage world? Introducing a comprehensive employee benefits program is one way to ensure you're attracting the best candidates to your organisation.
How does an employee benefits program work?
An employee benefits program gives your team access to thousands of different discounts in a broad range of areas. Employers sign up and pay a monthly fee based on the number of employees they have. This unlocks an online portal that employees can use to access their perks.
At Power2Motivate, employee benefits include discounts on groceries, movie tickets, events, homeware, electronics, sports games (including AFL tickets and sold-out matches), as well as money off travel and transport.
The discounts come as vouchers or gift cards, and go a long way in helping employees out with their weekly shop or simply enjoying themselves at an event.
The power of an employee benefits program
79 per cent of employees would prefer new benefits to a pay increase.
When lots of employers are after the same talented candidate, it's the extra perks on offer at your organisation that could be the deal breaker.
And while you might think that you've got no hope if a rival employer can afford to pay someone a higher salary than you, many employees actually prefer receiving benefits to higher pay. In fact, nearly four in five employees would prefer new or additional benefits to a pay increase, research from Glassdoor indicates.
Companies that advertise their benefits programs from the beginning of the application process are much more likely to win the top talent. A study by PageGroup shows that 78 per cent of candidates would be more likely to apply for a job if the advert mentioned the benefits on offer, however only 47 per cent of job adverts included information on benefits.
How to make your employee benefits program successful
Advertising your employee benefits in job adverts and interviews is a great way to show prospective talent how much you care about the people who work for you. Once in place, it's important to remind your team about the perks on offer, and ensure you track ROI with comprehensive reporting (an integral part of Power2Motivate's employee benefits program).
Giving your employees a choice of benefit is also key to making your program successful. Not all employees are the same, so it's important to recognise this by giving them options for their perks. This is something you can advertise to candidates as a USP, as while more than one employer may offer extra benefits, very few will be giving the degree of choice on offer in your benefits program.
Keen to beat the skills shortage and attract the top talent at your company? Talk to the team at Power2Motivate today or request a demo to find out more about introducing an employee benefits program at your organisation.