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What's money without happiness? Balancing salary and benefits

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by Mariel Rubinstein
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You might think a salary with a bunch of zeros slapped on the end is the way to attract top talent to your company.

Sure, it might appeal to some, but let’s not underestimate other key values your employees hold. 

The perks you have on offer are a lot more important to potential employees than you might first think.

In fact, many are prepared to take a cut in their income if the benefits you provide make up for it.

Sounds pretty crazy, right?

So, why do employee benefits have the power to sway prospective employees over a fatter pay cheque?

 

1. Our jobs are our second home

Salary Benefits

You can’t avoid the fact that we spend a hell of a lot of time at work. Recent studies show that the average British worker puts in an equivalent of 38 working days extra over their contracted hours per year!

Unsurprisingly, it’s becoming increasingly common to want your work environment to be a nice one. If your employee perks make your office the place to be, it can definitely be worth sacrificing the big bucks for.

 

2. A better everyday life beats a future one

Salary Benefits

Sure, a hefty pay cheque might mean that one day you’ll have enough money to be 'happy', but when will that be?

With millennial's ‘live now’ mentality and short term thinking, employee benefits that prioritise the quality of their day-to-day lives over their distant futures are pretty attractive.

Target their everyday struggles like their health and financial well-being to win them over in no time.

 

3. Give us a purpose and we’ll feel richer than ever

Salary Benefits

A recent survey revealed that 74% of prospective employees want a job where they feel like their work matters.

Millennials, especially, want purpose over a paycheck.

Make sure your employee benefits enable the creation of meaningful work. Things like time off for educational workshops or in-house mentorship programmes can land you the top talent without leaving you out of pocket.  

 

Want to know more about how millennials will affect your workplace? Find out here.

 

Posted: 23/08/2017

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