Considering changing your benefits package, but not sure how radical to be?
Considering changing your benefits package, but not sure how radical to be?
The number of jobseekers currently looking for work compared to the high volume of roles being advertised demonstrates just how tight the job market is right now. Businesses are rightly therefore considering how to make themselves more attractive to candidates.
Many HR professionals, and Recruitment Consultants are calling for businesses to be radical in their approach. Many advocate offering ‘work from home’, unlimited holidays, 4-day working weeks, and more.
But just how realistic are these benefits packages for small businesses?
Many businesses do not have big enough workforces to provide employees with unlimited paid leave. They cannot shut the whole business down for a day, and they don’t have enough employees to cover everyone being off one day a week. The result of implementing these benefits without sufficient cover in place could put significant pressure on the business. This risks stretching the covering staff to breaking point, and causing a great deal of unrest with some team members being viewed as not carrying their weight, or perhaps taking too much time off. The result of implementing these schemes could increase attrition and end up being counterproductive.
Government statistics from the end of 2021 demonstrate that small businesses (Less than 50 employees) account for over 99% or UK businesses and employ nearly 13 million people (almost half of the employed workforce). A quarter of these businesses are micro businesses and employ less than 9 people, to implement these major changes is not really an option.
So, what can they do?
Small or micro businesses still need to attract applicants in a tough market. Something that a benefits package of 20 days holiday and a 45-hour working week will not do. They should focus therefore on implementing benefits that have a real impact on the lives of their employees without risking the business. As a micro business ourselves, we are proud to offer:
- Competitive salaries and commission schemes
- Additional achievable stretch targets and bonuses
- 25 days holiday from day 1
- birthday off
- another 4-5 days off at Christmas for free
- work from home whenever required
- ad-hoc social / wellbeing days
- …and we are also currently in the process of creating a share options / equity scheme
Other sensible benefits include medical/dental, enhanced pension contributions and additional retail or wellness perks.
