Saturday, July 13, 2024

Are Job Perks A Compromise For A Competitive Wage?

Are Job Perks A Compromise For A Competitive Wage 1
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Job perks are great, there is no denying that extras such as health insurance, a company car, or regular company retreats can be a welcome bonus and help to encourage staff loyalty but they do not make up for a competitive wage that meets the industry standard. Surveys carried out by a number of companies (i.e Glassdoor and Peldon Rose) since 2015 have seen more job seekers wish they had more job perks or show preference to work in a ‘fun, engaging environment’ but some companies make this an opportunity to pay less, offering perks and benefits in place of a competitive wage.

Job Perks Need To Be Relevant

Many workers wish they had more free time, yet 40-hour working weeks take away from this and often leave many people wiped out and too tired to achieve what they’d like to in an evening. Job perks that allow for flexible working, working from home or shorter workweeks provide staff to feel like they have greater control over their home-life balance and helps to encourage loyalty with new staff that can work up to achieving more freedom. Blanket perks and benefits are great but often can leave some staff members out, such as childcare perks that are paid into by the company but don’t benefit childless staff. Instead, talk to your staff and try to offer benefits that target their own personal wishes or interests. 

A Competitive Wage Helps With Hiring

One of the first things a job seeker looks for is the wage that can be expected from a job, hiding this information away or making it too general will put experienced people off from applying to the role and extend your hiring process. By clearly outlining the wage and then further, in the interview outlining how to progress in the company you can instill confidence in new applicants from the initial job advert, rather than putting them off and losing the opportunity. 

Not sure you are offering a competitive wage to your competitors? Professional salary surveys can provide education on how the finances in your industry stand and what sort of average wage for roles of a similar responsibility level are being paid at. This will ensure your company is competing at an industry level and you aren’t missing out on top talent.

Competitive Wages Cost You Less Over Time

Hiring processes are resource-intensive, they take man-power to organize job adverts and to take appointments from applicants and to sort through the applications. Then there is the cost of getting your job advert seen and spending the time to interview applicants which takes away from regular day-to-day responsibilities, all-in-all when you have a high turnover of staff the cost is much higher than offering a wage that is competitive enough to keep the staff from leaving.

Show Your Staff They Are More Than An Expense

Your staff is the blood of your business, your customers may keep the money coming in but your staff is the ones that action the things that keep your clients happy. By offering a competitive wage alongside job perks, you prove to staff that they are more than just an expense on the books every month. By paying competitive wages you incentivise your staff to do their best and be productive and should the company fall on hard times, you are likely to see increased loyalty from your staff and work together as a unit to pull through. Show your staff you care with a proper wage and see employee loyalty and engagement improve greatly.

When you pay a competitive salary, you should be proud of that fact and use every opportunity to prove that you care about your staff by showing off your job perks and benefits. Not only attracting talent to your business but proving to the staff you already employ that you care about them deeply. 

Image Credits

Are Job Perks A Compromise For A Competitive Wage 1

Shutterstock – Royalty-free stock photo ID: 492831109

By Marta Design

Are Job Perks A Compromise For A Competitive Wage 2

Shutterstock – Royalty-free stock photo ID: 1329486086

By Andrii Yalansky

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