When employers are concerned, one way to boost the commitment of their staff is simply to pay them more money, however research indicates this could actually deliver the exact opposite effect! A combination of bonuses & fringe benefits is a much more effective way to create a happier and more motivated workforce.
Employees often undervalue the value of fringe benefits which often add £10 maybe even £20,000 to your salary & package. When your negotiating a pay rise, it's worth looking at the benefits that cost next to nothing for your employer, but mean a great deal to you.
So what benefits are available to you and what are they really worth?
- Commission or bonus – Delivered when you meeting specific KPI’s usually paid as a percentage. It’s intended to motivation to you to perform in the role and to earn as much as possible as no employer would begrudge paying an employees more when they're bringing in money for the business. If your negotiating this upfront speak with you Management Recruitment consultant, they may have more sway in conversation – Remember its always easier to negotiate this upfront before a contract and bonus structure is formed.
- Profit sharing or share options – Offered to employees based on the success of the company as a whole. Usually to managers who have a sway in the direction of the business as a way to encourage them to make their team focus on the overall business objectives.
- Paid holidays or paid sick leave - There is a bare minimum number of holidays and sick leave your employer must offer so anything on top of this can be classed as a benefit. The cost to employers is very little as a well rested employee is generally a happier and more productive one.
- Education reimbursement – So you want to change direction or gain a new qualification it's not always necessary to leave your employer and become a full time student. Broadening your knowledge shows your employer you're potential and many will be happy to contribute towards the costs. Why not gain your employers sponsorship, they may grant you time off or even pay for the course!
- Life insurance - It's the last thing we want to think about, but your family will be well looked after if the worst happens so sign up to this benefit whenever you're given the opportunity. A normal death in service is between 2/4% of basic salary.
- Pension - Your employer must provide access to a pension scheme. Some just offer a scheme, others match your contribution to a certain level and others have a stake holder or even final salary pension scheme, although final salary schemes are rare these days. You may not see this money immediately, but it will be a major benefit when the time comes to retire.
- Company car - A vehicle is usually offered to employees who spend a large proportion of their working life on the road. It saves the company money in terms of travel costs and can give you the chance to use the car in your own time as well. Some grant a fuel card for personal mileage also with business, this alone could save you £100/£200 per month.
- Subsidised travel or season ticket loans - Season tickets for public transport are a pricey one off fee, but offer huge savings over the course of a year. Your employer may have a scheme which you can join to reduce this cost or you may find they will cover the cost as your being expected to commute long distances.
- Home working - Apart from the benefits of reduced travel and food costs, you will be likely to be provided with Internet access, a laptop, mobile phone and any other equipment you need to make your home office an effective place to work. It will also probably mean you can use company stationary for your personal also.
- Flexible working - There are plenty of flexible working packages available that help you achieve an effective workplace balance. Working around school hours, finding a mutually beneficial structure for you and your employer can make you a much more effective worker. This is usually indicated by the management recruitment consultancy upfront.
- Child day care - High costs of childcare often put new parents off returning to work full time. If employees don't want to lose the services of a skilled and valued employee they may offer childcare facilities either in-house or through a local nursery.
- Gym membership - Subsidised or free, it's a great way for employers to give you a real benefit that could save you plenty of pounds – both in your wallet and your belly. Healthy employees are often happy employees.
- Subsidised food and drink - If you count up the cost of snacks, coffee, water and lunch over the course of a year it can be a frighteningly large chunk of your salary. This is usually directed to those businesses that have a large premise with an internal cafeteria. Any moves employers can make to reduce this cost are a major bargaining tool.
- Casual dress - It's not usually seen as a benefit, but think about how much money you could save if you can wear the same clothes in the workplace as you do in your spare time. The average cost of a good suit £300 and you will go through two of these a year!
Whether you’re an employer, HR official or a Compensation & Benefits analyst, if you would like to speak with one of our management recruitment team members please don’t hesitate to call or email; colin@act-ms.com / www.act-ms.com / +44 (0)844 351 0432 begin_of_the_skype_highlighting +44 (0)844 351 0432 end_of_the_skype_highlighting begin_of_the_skype_highlighting +44 (0)844 351 0432 end_of_the_skype_highlighting
0 comments:
Post a Comment