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Employee Perks More Attractive Than A Pay Rise.

August 14, 2018 by  
Filed under Business, Money, Opinion, Weekly Columns

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(ThySistas.comOnce upon a time, when an employer was thinking of ways to reward their top talent, best employees and dedicated executives, they almost always resorted to money. They handed over a big-check bonus or pulled them into their office to inform them of a pay rise, and that was that.

And it made sense because boosting someone’s take-home pay is clearly one of the best ways to keep top talent loyal and make your employees feel appreciated.

But what if you can’t afford to do this? What if you aren’t a big business with a big budget? Or what if money just isn’t the attractive proposition it once was?

Employee Perks More Attractive Than A Pay Rise.

Well, thankfully, it turns out money isn’t the only way a business can say a big, warm “thank you” to its employees for all their hard work. There are many other employee benefits that a business can use to attract talent and reward its existing team. In fact, salary is now pretty low on the priority list of things people want and need to feel appreciated.

So, with that in mind, we have come up with a few ideas that you should consider when a salary rise just isn’t possible or just won’t cut it:

  1. Send Them On A Sabbatical

People are starting to realise money is only the second-most-important commodity, after time. That’s why sabbaticals are becoming increasingly popular. It’s this idea of going on an extended break from work, something that has proven to be beneficial to both employees and employers.

If you have the means, then a paid sabbatical is the best way to go. But even the chance to explore the world, delve into a personal passion or studying a new subject, without having to worry whether there is a job at the end of it will see your employees return rejuvenated and ready to contribute on a whole other level.

  1. Flexible Working, Please

It is the trend that was once laughable and is now a must-have for businesses. This is because it gives your employees the benefit of working at a time and place that best suits their lifestyle and needs. It could be flexible working hours or it could be letting people work remotely. Either way, letting people be more flexible so they can work around other commitments such as childcare, counselling, study or family events will go a lot further on the loyalty front than a pay rise.

  1. Better Healthcare Perks

Forget all those Google perks you’ve heard about, it’s healthcare benefits that are the real game-changers at the moment. Things like better health, dental, and vision insurance, free health check-ups, virtual doctor consultations, paid-for healthcare, hiring long-term disability lawyers like – these are what employees now consider to be important criteria when picking a job. And not just one or two people either. 88% of employees would prefer this to a pay rise, which makes it quite a substantial meal on the food for thought menu.

  1. Debt Repayment Help

To land the job they did, with you, your employees had to go through school and come out shouldering a whole pile of loans they’ll spend years repaying. So, if you really want to attract top talent – and keep your employees happy – offer to help them pay off some of their debts, in which there are government schemes that will make this an attractive proposition for you too.

Staff Writer; Lisa Brown

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