How to unlock value beyond salary with workplace benefits

Negotiating workplace benefits

The cost-of-living crisis has significantly impacted the job market. While salary remains a primary focus for many job seekers, it's not the only factor driving 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 that 40% of candidates will negotiate non-monetary benefits when a potential employee offers a lower-than-expected salary. This highlights the growing importance of holistic reward strategies.

The trick is to create a strong benefits package that fits both employee needs and your company budget. Once you achieve that, you can reward star employees, enhance job satisfaction, and boost employee retention.

What are employees looking for?

Looking for examples of employee benefits to guide your efforts? Our recent talent insights survey of over 3,000 candidates indicates what candidates view as important beyond salary:

• Private healthcare and life insurance (52%)
• Other financial incentives like savings or stock options (50%)
• Work-life balance initiatives (45%), with flexibility, remote work options, and hybrid models increasingly sought after
• Company pension plans (44%), which offer a sense of future financial stability
• Extra holiday allowances (43%)

Consider these benefits when building your compensation packages to show employees you recognize their needs.  

Unlocking the full potential of your benefits package

To truly maximize 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. The growing five generation workplace emphasizes the importance of 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.

What’s next?

Once you’ve built an appealing benefits package, the next step is to present it to the perfect candidate.  

If you’re looking to hire, we can help. We have a vast candidate network and specialized recruitment consultants across multiple industries. Partnering with us takes the guesswork out of the hiring process and fuels growth for your business.

Click here to start a conversation and find your next star employee.