A Guide To Attract And Retain The Best Talent Through A Competitive Employee Benefits Package
Traditionally big corporate companies have clinched the title when it comes to employee benefits. With bigger pockets, they can offer specific benefits to suit the needs of every individual in the organization.
It’s just as important for startups to invest in a benefits package. Investing in company perks is essentially investing in your people. Not only will it attract the right talent within a competitive market, but it will also make them engaged and motivated within their role.
The recent pandemic has caused a shift from benefits focused around employee experience, such as the cliché ping-pong tables, to benefits that provide security and stability. Whether you are a startup with a big or small budget, what should you be offering?
The Benefits Employees Really Want
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Development benefits
One of the biggest pulls for employees is the opportunity to learn. From training courses, mentor programmes, to professional events, these experiences are a great way to highlight your long-term commitment to their journey with you.
From a few hours a month, to x amount of paid days leave, giving employees time and resources to study towards their career growth could be the difference between your startup going global or going bust.
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Healthcare and wellbeing
The pandemic has brought health and mental well-being to the forefront of people’s minds. Offering private health insurance has cited benefits from access to specialist treatments, professionals and private hospitals, to shorter waiting times and supported healthcare costs.
Services such as virtual GPs, telephone counselling and mental health intervention services require very little effort from the business and provide a lifeline for employees facing health problems during the lockdown and beyond.
Startups are also beginning to invest in wellness programmes, featuring one-time activities like biometric screenings or steps-based contests, while others are initiatives aimed at shifting the workplace culture and encouraging healthier behaviors.
“Supporting mental wellness shouldn’t be seen as a perk, but rather a prerequisite for maintaining a happy and healthy workforce”, Laura Wilming, Head of Portfolio Talent at Octopus Ventures.
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Unlimited vacation
Paid vacation is a generous tool to encourage employees to take a break and make the most of the vacation time they have. But research has shown many feel too guilty for taking time off. As a result, an increasing number of startups have an unlimited vacation policy.
By incentivizing employees to go on holiday, they are likely to return to work feeling inspired and motivated, as well as mitigating the likelihood of burnout.
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Put the power in your employees’ hands
Flexible benefits are all about choice. A flexible benefits plan allows employees to choose benefits based on their individual needs. Employees can either use their allowance to cover the full cost of a benefit or range of benefits, or can contribute themselves. This could include anything from childcare support, personal development to extra vacation days.
Offering choice will help boost scheme uptake, retention and ensure that your employees get the most from your employee benefits package.
How To Decide What Benefits To Offer Your Employees?
Speaking with our Founder, Kayleigh Bottomley, she has put together her top tips on shaping a perks and benefits scheme that is right for your business.
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Look at the competition
Look at your competitors or startups who are at the same stage of funding to see what they’re offering. “Ask yourself: How can we be unique?”
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Be flexible
Different people are motivated by different things. Widen the conversation to the rest of your team to ensure the perks on offer are the perks your employees want.
“Perks are subjective, therefore we try to gear them towards peoples interests. Our team is extremely social with one another, so weekly incentive lunches and early finish Fridays for top performers is engrained in our culture and how we stay motivated”.
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Refresh often
As you grow, the people you hire will become more diverse and the needs of your team will evolve. “It’s important to reconsider the perks you offer as the size, scale and demands of your team change”.
Getting your company perks right can make your team feel like more than just employees – they become a part of the bigger picture and more engaged with the overall mission of the company.
If you are a startup looking to scale your GreenTech, get in touch. Our extensive network can connect you with the best tech talent to drive your mission for a sustainable future.
