Human resources professionals and team managers are fully aware that the war to secure top candidate talent has only increased in intensity as a result of the global pandemic. HR teams are hard at work looking to identify strategies and ways to differentiate their offering in the market in order to appeal to as broad a range of top talent candidates as possible.
The global hiring landscape has changed – it is now an everywhere workforce and the work from anywhere concept is firmly embedded. The hiring of remote workers and contractors from any location is becoming more common as companies look to secure the right talent for their business regardless of where that person may be located.
What all of this means is that candidates and global employees have a new level of power in terms of choice at their disposal – they can apply for a much broader range of jobs than they could before when they were restricted to location. The nine to five office day is a thing of the past, hybrid and remote working is normal and there has been a surge in fully remote companies entering the market who simply operate without an office location.
HR teams therefore need to differentiate themselves, because top talent have the ability to secure more than one job offer from a company, and they will then look at the various factors that could influence their decision. One such factor is the level, quality and variety of employee benefits available at the company.
Influence decisions
A benefits plan and perks can influence a candidate who is deciding between job offers, and in some cases they can turn out to be the reason they select a preference. So, it makes sense to do a full audit of your benefits packages and have additional conversations with your network of benefits providers. HR managers need to make sure they are up to speed on the latest range of benefits, particularly those unusual or nuanced benefits that can really set them apart in the war for talent.
Perks and benefits are different of course and many are tailored towards generational lifestyles – younger millennials for example may really value gym memberships, other employees may be really interested in learning and development opportunities such as online courses. And there can be no doubt that there has been a huge increase in the level of interest in wellness programs and the whole space of mental well-being. Any benefits packages that include a focus on well-being, stress management initiatives, work-life balance and perspective may be very welcome.
Relevant benefits
All of this points to a certain amount of targeted relevance – it is a new world of an international globally dispersed workforce with a mix of remote, hybrid and contract workers. Many of these workers will respond positively to benefits and perks which are relevant to their culture, country or city. A one size fits all benefit package is unlikely to be much of a differentiator. Human resource management who choose to offer a benefits package that is tailored to the needs of employees in different cultural locations can create a significant competitive advantage in the war for talent and high performers in the job market.
Perks and benefits also need to reflect that the company is fully aware of the times we live in – economic challenges and recession for example could be reflected in benefits that help financially such as annual or merit bonuses, long term savings options, or pension contributions and retirement plans that are advantageous from a tax perspective. Financial benefits will be given more consideration by employees during times of economic challenges – naturally these are times when people can do without the hassle of finding money for healthcare and dental cover, so they will find benefits that cover these both helpful and reassuring.
Health and life insurance benefits are always important but tend to become more relevant as an employee gets older. So, an employee over the age of 40 who is looking to switch jobs or see what is out there in the market will likely be very interested to learn about these particular benefits at any prospective new employer.
Benefits have a strong role to play in the overall employee experience, and HR professionals and managers are only too aware of just how important the employee experience and work environment can be when it comes to their retention statistics.
Connect with benefits providers
So, this may be the time for HR managers and senior team members to do an audit on the current range of benefits and see if they remain fit for purpose for the future of work and their strategic talent acquisition objectives.
Perks and benefits that may have been very relevant five or six years ago may no longer be suitable. the workforce may have changed, a range of new hires from different cultures with different backgrounds may now be part of a globally dispersed workforce, and their expectations around benefits may be quite different to what was put in place five or six years ago.
Now is the time to connect with different and unique benefits providers out there in the market, assess what they can offer and see how flexible they can be when it comes to any future needs to pivot, change course or alter the benefits and perks offerings within the organization.
A new range of benefits providers have sprung up in response to this new working normal post the pandemic – these companies are aware of the strategic role that benefits can play when it comes to employee retention. They have nuanced and tailored packages that cover a range of different demographics, age groups and lifestyle choices. Many of these providers allow multinational companies to pick and choose the right level of benefits for their needs right now but also have the opportunity to add additional benefits in the future as their workforce changes.
HR teams can integrate and digitally connect with local country benefits providers as well – and select from a range of suitable benefits. Such providers can advise on local country nuances and what has proved popular from a culture and lifestyle perspective in that particular region or country.
Going the extra mile and looking to introduce perks and benefits that can satisfy a range of different global employees from different backgrounds and cultures is a real indication that a company values its employees and is serious about acquiring and retaining top talent. It reflects a better understanding of this new working normal that we are all living in, and it sends the right message to both prospective candidates and current employees.
For more information about our Global Payroll Control Platform contact us today.