Money Talks - or does it? Attracting Talent Using Non-Monetary Benefits
Posted on 29 August 2017
The ongoing shortage of tech talent worldwide is showing no signs of abating and the NZ market continues to become increasingly tighter. For many businesses, recruiting and retaining staff has never been tougher.
Nurturing an employee to become completely aligned with your organisation’s goals and purpose is the ultimate way to ensure long term mutual satisfaction. This requires hard work and a deeper level of connection but once established it’s a bond that’s almost impossible to break. Your goal is a team of staff so engaged in their roles and invested in your organisation that they don’t pursue new opportunities, and a reputation outside of your business as one others want to be part of.
But how do you get those people to choose you? That shared vision may not be possible from the outset.
First, let’s address the old adage “money talks”. To a degree this is true, everybody enjoys having more money in their pocket. But it’s not realistic for most of us to keep throwing more and more money at candidates (especially when you’re not just competing locally, there’s large international companies at play here too) and reports - and our own experience - suggest it’s not a successful approach anymore either.
Instead we are increasingly seeing non-monetary benefits attract and retain loyal employees. Here are a few ideas that you may want to consider including in your employee benefits scheme:
- Flexi hours
A hit with parents, those with elderly dependants, and anyone whose body clock is outside the typical 8am-5pm business day flexible hours allow people to work their contracted hours at times that suit, within reason and as agreed.
- Working remotely
Thanks to so many of us working in cloud-based environments work is now something you do not somewhere you go. Bearing this in mind, can your organisation allow staff to work remotely when required?
- Paid Education & Professional Development
Ongoing education and professional development opportunities are particularly attractive to employees, especially when paid for by the employer, and will inevitably benefit your business as much as the individual.
- Subsidised gym memberships
Many gyms offer discounted corporate rates to businesses in their area. For a small amount of administrative effort on your part this is a great benefit many staff are likely to enjoy, and one that often leads to healthier workplaces.
- Health & Wellness Sessions
A growing trend, mobile massage providers come into your office to massage staff as they work, or during breaks. Similarly, there are many wellness professionals offering corporate packages to come in and speak to staff about your chosen topics (e.g mindful thinking, meditation, nutrition).
- Free Food & Beverage
Everyone is happier with a full stomach! Whether it’s a fully-stocked drinks fridge, free fruit delivered to the office, or free lunches at the staff cafe free food is always a winner.
- Me Days
Paid time off, outside of statutory leave allowances. No questions asked, no restrictions on what they do during this time off, just an opportunity to recharge the batteries.
- Paid Volunteer Work
Growing in popularity, companies are starting to offer staff paid leave to spend time volunteering their services in the community, for a cause of their choice.
Do you agree with our suggestions? We’d love to hear from both employers and employees on benefits currently being offered and received - as well as any others they’d love to see become commonplace.