Benefits-Based Recruitment: How to Target Top Applicants With Employee Benefits
There is constant competition in the labor market to find qualified and skilled team members.
Employees now look not only at salary levels when choosing a job, but also at the corporate benefits, or employee perks, that the company has to offer.
To make your company more attractive to applicants and stand out from the competition, we have compiled the best employee benefits there are to offer.
What Are Employee Benefits?
Simply put, employee benefits are perks for employees that go beyond just a salary. The goal of these benefits is to increase employee satisfaction and ensure that employees remain loyal to your company for the long term.
Higher job satisfaction is seen amongst workers who have a better work-life balance. With satisfaction comes increased worker productivity, which in turn benefits the company.
Employee benefits work best when they are specific to the workers' personal needs. For example, providing a company car is not attractive to employees who do not have a driver's license. With individual corporate benefits, you increase employee loyalty and create a better corporate culture.
What Categories of Employee Benefits Are There?
Bonuses and Rewards
Bonuses and rewards are often used as an incentive to compensate dedicated workers for successfully completing a contract or reaching a goal. In this way, the team works in a more performance-oriented manner and is motivated to overcome the next hurdle.
However, since bonuses are taxable and companies have to pay service charges on them, they are not always the first choice and companies often look for cost-effective alternatives.
Non-cash gifts are an alternative to avoid additional costs. However, these should not exceed the monthly tax-free limit of a maximum of 50 euros. In the case of non-cash gifts, these are, for example, vouchers or prepaid cards.
These are often used for personal occasions such as birthdays or weddings. Here, the tax-free limit is 60 euros.
Company Food and Beverages
Long commutes and high transportation costs are a burden, mainly for graduates who are looking for a new job after college. Several options exist in providing transportation:
- Subsidies for travel costs and gas
- Company cars
- Company bicycles or e-bikes
Lifestyle and Events
Events such as Christmas parties and outings not only increase motivation but also cohesion among employees. When the celebrations take place within the framework of the Income Tax Act, they remain tax-free.
Healthcare and Sports Benefits
A company health care program offers several advantages at once: it is an effective means of attracting new applicants and reducing absenteeism among those already employed. This can save high annual costs due to incapacity for work.
Sports programs are very popular with employees and offer a good physical balance to sedentary work. Sporting activities can reduce sick leave to a minimum and improve the work atmosphere on the whole.
Discounts and Vouchers
Other Corporate Benefits
What Do Most Applicants Want?
For a better working atmosphere, applicants would like above all:
- Flexible working hours
- Opportunities for remote work
- Dogs in the workplace
- A company pension plan
- Canteen and meal allowances
- Good transport connections
- Continuing education and coaching
- Team activities
- Child care
- Fitness center
- Company doctor or other health measures
Impress Candidates With Individual Employee Benefits During the Hiring Process
Employee benefits change over time, and applicants' needs differ depending on the target group.
For example, transportation benefits are in high demand, especially among entry-level employees, and company childcare and retirement benefits are in demand among employees who are already in mid-career.
By making an individual and flexible offer, you can ensure that the desired candidate decides in favor of your company.
At TieTalent, we pre-select talents according to various criteria in the recruitment process and already know their specific preferences. As such, we can help your company tailor its employee benefits to candidates' preferences and make the job offer more attractive.
A multi-faceted employee benefits offering allows your company to stand out and make the job offer more appealing.
Employee benefits increase motivation among workers and lead to higher productivity.
Even in the most preliminary stages of the hiring process, you can use them to stand out from the competition and prevent qualified employees from passing up on your company.