Gone are the days when an attractive base salary can be enough to entice top talent to join and stay in your workforce. Now, there are expectations from candidates and employees, around what they expect as a minimum in their remuneration packages and within that, there are effective ‘add-ons’ that can really set you apart from the crowd.
A good place to start when looking at building your remunerations package is the basic expectations from employees in the UK.
What are the components of a basic remuneration package?
- Competitive base salary
- Training for professional development
- Free parking/tea/coffee
- Car allowance
- Team socials
- Equipment to support work and staff uniform
- The legal minimum employer pension contribution of 3%
- The legal annual leave allowance of 28 days (including bank holidays)
Often known as ‘Perks’, a remuneration package that goes beyond common practice is a sure-fire way to attract the top talent and retain your valued workforce. Each perk will have a different cost association, so it’s important to consider and choose which suits your business best when building your employee benefits package.
Employee benefits to consider
Health insurance
Adding health insurance is a cost-effective way of showing the value you have for your employees. As it says in the title, health insurance will look after the health and wellbeing of your employees. Mental health support is often covered by providers within insurance provider’s package options. Giving your employees access to private healthcare will give them faster access to treatment therefore benefiting both business and employee interest. To help you decide, read through Globacare’s guide to the UK’s top healthcare providers: https://www.globacare.co.uk/guides/best-providers-of-business-health-insurance
Life Assurance, Long Term Sickness Protection and Critical Illness Cover
These are three separate types of insurances, which are purely for the benefit of the employee, giving them the peace of mind that should their health be compromised in any way, they will have a certain level of protection.
Top up your employer pension contribution
Taking your pension contribution from the legal minimum of 3% to a total of 8%, will effectively give employees a 5% higher gross salary, which can be compelling.
Flexible benefits
Give your employee the power to choose with flexible benefits. This gives the employee the power to choose which benefits they want to ‘add on’ to their existing remuneration package. Often known as salary sacrifice, this flexibility suits many so they can tailor for their current life requirements. From eye care vouchers to physiotherapy, and from restaurant discount clubs to holiday-buy schemes; flexible benefits gives control to your employees.
Performance-based bonusses and rewards
Offer rewards to your staff by way of monetary bonusses and performance-based rewards, to encourage productive and effective work from your teams. A key component of this reward system is explaining the structure of these bonuses and rewards and setting specific targets for them to achieve in order to receive them. This reward should be introduced as early as possible to ensure the best effect.
Attracting the right talent
The benefits of valuable remuneration packages can go beyond talent attraction and retention. It can impact your company’s reputation and boost your productivity. Consider building remuneration packages in a way that serves the employees and drives towards your business model.
When you’re ready for recruitment, we’re here to help take the pressure off. Get in touch with Synergi: https://synergirecruitment.com/contact/
