Free insurance, birthday holidays, staff discounts, work vehicles, retirement savings schemes and flexible working arrangements are just some of the benefits many New Zealand businesses are using to increase employee satisfaction, attract talent and boost business performance.
A Global Benefits Survey by Towers Watson has revealed that employment choices, commitment to the business and engagement are influenced by the benefits offered by the employer. It also showed that employers enjoy a significant competitive advantage in attracting and retaining employees by offering the right benefits.
They attract new employees
To stay competitive in the market businesses are continually looking at what benefits they can provide in addition to salaries and wages. These can be used as a negotiation tool when salary expectations can’t be met and benefits can be factored into the total package and provide extra incentive to agree to terms.
Businesses can also use what they sell as something that can be provided or discounted to employees as a benefit. This can be a cost effective answer when other benefits may seem too expensive to offer, although they still have to provide something of value to the employee.
They help keep employees happy
Not only do benefits attract prospective employees that might be weighing up multiple job opportunities, they also act as a retention tool in keeping employees who might otherwise decide to look elsewhere, keeping recruitment, training and development costs down. Offering the right benefits to employees can have a positive influence on engagement and satisfaction.
They can be better for business
Besides the obvious cost and health advantages to the employee with benefits focused on well-being, there are also advantages to the employer. A fitter, healthier employee means a more productive member of the business who also takes fewer sick days, saving the business potentially thousands each year.
For advice on what insurance, KiwiSaver and other retirement savings benefits your business might be able to offer to attract and keep the top talent you need to succeed, chat to the AMP@work team to find out more.