5 Employee Benefits Companies Should Have for A More Competitive Offer

Categories: Advice for Doing Business in the Philippines, Advice for HR Professionals, Recruitment Advice, Trends and Learning

5 Employee Benefits Companies Should Have for A More Competitive Offer

The current candidate-driven job market requires employers to keep on thinking of recruitment strategies with the help of recruitment firms to be more attractive for candidates. With the number of available job openings and the number of people looking for jobs reaching almost the same levels, job seekers are now in a more advantageous position to evaluate what companies have to offer to them.

As an employer, you should know that candidates look for modern employers who can provide purposeful and meaningful experiences in the workplace through flexible work policies, among many other employee benefits they usually consider.

This trend has spurred the growth of modern recruitment strategies like remote work setup, flexible office space, and more—all of which are designed to make your candidates choose your company and avoid losing top talent.

In the Philippines, employers are recognizing that having comprehensive compensation and employee benefits can be effective in attracting and retaining employees.

Here’s how you can apply the same strategy of providing strengthened basic and premium employee perks to get more quality candidates on board:

1. Promote wellness programs and fitness initiatives

This 2019, Gen Z workers are expected to overtake millennials as the largest population in the workforce.

As an employer, you need to develop a deep understanding of the working challenges that characterize the Gen Z working demographic and provide solutions to show them that you are willing to help them overcome those difficulties.

With majority of Gen Zers reporting to have experienced feelings of stress, emotional instability, and burnout, you need to promote a culture of well-being.

You can start by encouraging your employees to attend health and wellness seminars in the office. Make these seminars interactive and fruitful by having employees exchange information about good sleeping or eating habits.

You must keep in mind that it’s still the employee’s decision if they want to participate in non-work related activities with their colleagues and in the office. However, giving them an option to venture into wellness and fitness programs should be enough to make them aware of your support. In line with this, you can clearly communicate your encouragement and empathy by offering guidance and assistance should they need it.

Lastly, you can promote fitness and wellness in the office by going for an ergonomic space through proper lighting, tables, chairs, and many more.

2. Offer flextime work schedule

If you’re not quite convinced on the value of having your employees work a flexible schedule, perhaps these stats will change your mind:

  • 88% of respondents in a survey say they will choose a job that has a lower salary but offers flextime benefits over a higher-paying job with a fixed schedule.
  • The percentage of male and female employees who welcome the thought of being allowed to work on flexible hours sits at 38% and 47% respectively.

Apart from flextime benefits, you might also want to consider giving your employees the option to work from home on certain days. Your offer will immediately stand out from other companies especially when the candidate is looking for an office setup that allows them to have some personal time.

Both flextime and work-from-home arrangements are your next best alternative if you want to be competitive in terms of employee benefits but can’t afford an expensive, across-the-board compensation and benefits package, not to mention upholding the work-life balance that appeals to many employees.

3. Invest in retirement plans

Some of the most-loved employers are those that invest in retirement plans for their employees. It’s a way for companies to give back to employees who have been loyal to them and who have chosen to stay in the company during the prime years of their career.

Retirement plans also allow you to help the 90% of Filipino workers who worry about retiring poor once they’ve hit the retirement age.

You can offer retirement benefits on top of health insurance, or you can subsidize part of the retirement cost for your employees. Candidates will see your offer in a positive light with this benefit because there’s a reward that awaits them beyond the four corners of the office and years of putting in the hard work.

4. Design training and development opportunities

One of the factors affecting the success of a company lies in the way employees can apply best practices at work.

Gallup, an American management consulting company proposes the so-called Sixth Element of Great Managing, a principle that places utmost importance on having someone—whether it’s the managers, peers, or other more experienced staff—who encourages employees to grow professionally.

The idea is to design training and development programs as naturally as possible, meaning they don’t need to be very formal or methodological to be considered effective. For candidates, they want companies that think about their career path and growth within the institution. This makes them realize that you are willing to invest in your people in a heartbeat.

5. Support education programs for employees and their dependents

Filipinos are certified family-oriented, and many of them are breadwinners. This should be a good reason to extend employee benefits to their family, too. Consider providing interest-free loans to help them finance the education of their dependents. Filipino candidates have different needs such as giving back to the family or sending their younger siblings to school. It’s their utmost priority to accept a job offer that also empowers them to fulfill these duties and responsibilities.

If it’s your employees who want to go into further studies, support them too by allowing them to enroll in school while they work at the same time. It might be necessary to put them on flextime or remote work arrangement to minimize conflicts in schedule. 

Employees Love Benefits

A strong employer brand that provides competitive benefits package can go a long way for your recruitment goals. Although a good salary remains one of the top considerations for candidates when choosing a job, candidates are also looking for other ways that they can be compensated and rewarded for their hard work in the long run. You only need to think more creatively and strategically about what modern-day candidates value in terms of job perks and career satisfaction.

TJ Pestano