As the UK tech sector heats up, companies are looking for any edge they can to appeal to top talent. But does that amazing benefits package actually make a difference when courting talent? Client Server Director Nick Boulton sees if benefits are still worth your business making a song and dance about.
There are dozens of things a tech candidate weighs up when they’re offered a job. Salary is a given, bonus and equity too. Tech stack and flexible hours are always front of mind. But how about that ride-to-work scheme? Or private medical insurance? Getting your birthday off? Do they really matter to a senior full-stack developer with three kids and a mortgage?
Covid-19 has really changed the perception of what’s important. A survey from CW Jobs “found a third (33%) of respondents wished to prioritise a better work-life balance, whilst a quarter (25%) of respondents said they now put stability and security over salary.” That’s a big chunk of technology professionals taking stock and asking “What’s really important to me in my next job?” Methinks the bean bags and ping pong tables might be worth putting on eBay…
At Client Server, we speak to hundreds of technology professionals every week. Some are actively looking for jobs, others aren’t, but our team always asks techies the same question: “How’s it going?”
Aside from being courteous, it’s a great question that can really open things up. How’s the work? Are you getting paid what you’re worth? Are you sick of the commute? Tired of patching up legacy code?
It’s a way of finding out if a person is happy with their current situation. I know, it sounds redundant, but you’d be surprised how open people can be when they’re given the opportunity.
Today more than ever, rewarding your staff is more than just about improving their financial gain. People want to be rewarded in ways that benefit their well-being and lifestyle. Doing so will help keep them motivated, loyal and productive, extremely important in these new hybrid WFH times.
Bear in mind, whatever you choose to offer requires a substantial investment from your company and you can’t cover all bases or please everyone, so it’s important to consider what you’ll get in return.
Offering employee benefits may cost more initially but the long-term advantages can greatly outweigh those costs and contribute to your overall success as a business. Your benefits will attract better employees and keep them around for longer, reducing hiring costs and creating stability. The idea is you will reap the rewards of a healthy, productive, and satisfied workforce in the long run.
How important are benefits to employees?
Glassdoor did a survey in 2019 and 79% of employees would rather have more benefits than a pay rise.
So, why are employee benefits so Important?
- Creates stability and loyalty
- Reduces staff turnover by helping to retain existing staff
- Improves workplace morale
- Reduces stress
- Boosts productivity
- Backs up your company’s internal values and ethos
- Makes recruiting the best talent easier.
Stress and low job satisfaction are becoming pervasive trends within the UK as more people show signs of strain not having the support of colleagues and peers at home. This is not going away anytime soon so business owners and leaders need to think of ways to combat these issues in the long run.
Outside influences such as financial worries, mental and physical health problems all play a role in workplace stress highlighted even more with WFH being so prevalent and noticing a colleague's mood change being that much harder.
While these problems cannot be controlled within a work environment, you can you’re your employees manage some of these problems with a comprehensive benefits package.
Things like working from home, paternal leave, childcare vouchers, and bonus schemes are common among tech companies. But we at Client Server are noticing a trend towards more bespoke benefits – long term incentives,
Which brings me back to your next CTO: What kind of benefits will entice them?
Like many things in business, you can’t go too far wrong with keeping things simple. If you have a supportive internal network, clear communication channels, and people feel they can voice their concerns, all of these will help pick up any issues early and improve staff morale.
If you deciding what benefits to offer, revamping your existing benefits package, or starting one out for the first time, give us a call to discuss what we are seeing as the most beneficial benefits.