A lot of companies struggle to find suitable talents for their employees. Not only to get them on board but also to keep them on board, the retention of their employees. In this post, we have spoken to a company that offers pension schemes in Sweden.
A salary is important for someone to accept a job offer; however, you could also look to the ‘whole offer’ you as a company can offer. Many, today, will work in a company with ‘an impact’ and where they can take part and be part of a ‘story’ and ‘company journey’.
Here we will give some suggestions on how you can make an attractive offer to a candidate, that will make a candidate stay long-term.
Create a ‘smart benefit package’
When we talk about smart benefit packages, we primarily talk about two factors:
- Smart from a cost perspective
- Smart in terms of strengthening employer's branding
If salary is the main selling point in a benefits package, we are at greater risk of being (1) outbid by another employer and (2) getting 'stuck' in a salary discussion.
What we want to achieve with a smart benefit package is to create value for the employee at a low cost as well as reinforce the story of being a 'good employer'. Because, in the end, the next generation of talents is not exclusively looking for the highest-paying employer. Qualities such as making an impact, being fair and just, offering development opportunities, and having values which the candidate can identify with are in most cases just as important.
Thus, instead of solely competing with salary to attract talent, we can look at what we can offer in order to support the company's 'story' while creating a lot of value for the employee at the same time.
For example, instead of offering another 1 000 SEK in salary, the employer could offer the employee health insurance (quicker access to health care through private care providers), a higher sickness benefit, access to mental health coaches, security after a long-term illness, 500 SEK more in pension contribution, investment advice and discounted mortgages.
A good job is not only a good salary
So, what is important to understand, is to think ‘wider’ than only a salary figure. It is about the ‘story’ and the attraction to the package that a company offers. What a company also can do is work on ‘storytelling’.
If you can skillfully communicate the extra benefits you offer in addition to the salary, as well as connect the company values, you will create a more dynamic discussion regarding the benefits package as a whole. Consequently, making it harder for the candidate to only compare different salary offerings.
Last tips and tricks:
Start with the small things. It is not essential to have a huge pension scheme but thinking of having one is better than nothing. Especially if you are not part of a union and or can offer collective agreements. Make sure you are a good and fair employer, by ‘doing good', good will come to you and you create loyalty among your employees.
How do you implement an attractive scheme, with a small budget and who is responsible:
We would always advise taking the assistance of a specialist in the area. Some great suppliers can advise you on this. Ask for advice from different companies to see what they offer, to see what feels good for your company and the situation of your company now.
It all depends on the structure of a company. Perhaps you do not have an HR department, and then it might be the owner that is responsible to take care of this. But make sure that your employees understand the value of the investments you do for an employee. It is important that you package an offer and how you sell it to a candidate, the communication around this may be essential to get the right talent onboard. Again, there are a lot of good suppliers of pension schemes and insurance that will guide you through this and to create the communication for you, rely on the specialist!