Non-monetary benefits and packages that pay off
Non-monetary benefits is an often-overlooked part of salary negotiations, and one that you can use to your advantage to attract top talent. Highly desirable candidates consider many different variables (not just money!) when looking for a great job – career progression, growth opportunities and flexibility – so offering the right work-benefits can be a great way to sweeten the deal.
Most frequently offered non-monetary benefits
Recent Robert Half research found a surprisingly small number of businesses choose to offer what could be regarded as traditional work benefits. As a guide, only 2% of businesses surveyed provide a car or car-lease scheme, and 4% give a guaranteed bonus as part of their package.
Interestingly, 3% of large businesses offer training to incentivise new candidates, but no small or medium businesses claimed the same. Broadly, the most common strategy is to offer a good overall package, with 19 per cent of firms claiming to do so.
So does this data suggest there’s a gap in the market when it comes to the perfect perks? With few businesses boosting their offers through non-monetary benefits and bonuses, the right package could give your job listing a good competitive edge.
Health-related work benefits and perks
Higher salaries and bigger bonuses are not always the best way to tempt the top people. According to the Robert Half Salary Guide, flexible work practices provide advantages to employers and employees alike.
In some cases, a health-related work-benefit might also be a bigger draw than a financial incentive. Robert Half research found 51% of the Australian businesses surveyed include health and wellbeing initiatives as part of their formal remuneration program. Similarly, discounted gym memberships, yoga classes and massage sessions, can be valuable non-monetary benefits to higher salaries.
Are perks worth the price?
An unusual work benefit or a nice incentive can be a great way to make your business stand out from the crowd, but a good all-round package will excite and energise many job hunters, and go long way to helping your business attract the right candidates.
Create a place for employees to love what they do.
Keeping your top performers through non monetary benefits is just part of the picture. Use the Robert Half Salary Guide to ensure you're attracting and retaining the best people for your team.