It’s well-known that the Market Research, Insights & Analytics sector is a “Candidate-driven” market. By that, we mean there are more jobs than there are applicants and the demand amongst employers for the best people is tough. Faced with such competition, employers need to find ways to attract and retain people to their business. Job title, salary, training & development and location are all big factors, but employee benefits can often be overlooked or mentioned at the end of an interview as a footnote in the employer’s ‘pitch’.
Employee benefits can be defined in two categories: tangible and intangible. The tangible are easily quantified and relate to money, bonus, pension, health cover, and so on. The intangibles are those to which is hard to assign a monetary value (and are the ones most often under-sold). These can relate to any perk to benefit, with the obvious being progression and working environment, while others can include flexible working, social events and even simple treats like a free lunch, a birthday present or a weekly shoulder massage.
These ‘intangibles’ get noticed and say a lot to prospective employees about the culture of as company and its attitude to staff, and they could tip the balance when candidates are faced with the dilemma of choosing between two or more job offers. The employers who are most successful at attracting the best talent are the ones who not only act quickly (see previous articles) but who can also turn on the charm and back it up with benefits that play to the heart, more than the head.
It doesn’t cost the earth!
Intangible benefits can mean a lot to employees, but they don’t have to scare the Finance Director! A curry night with the team doesn’t break the bank, while an early finish on a Friday or flexible working (as long as the job gets done) shouldn’t incur any cost at all. All these treats and gestures say a lot to employees in the business about how much they are valued, while sending a positive and clear message to those outside the business that your company is a good place to work and that people are happy.
Benefits are not just a way to attract good people, but are equally effective at retaining talent. The more people enjoy where they work, the less likely people will consider leaving. In our experience, people more often “move from”, not “towards” when they change jobs – the principal motivator for most people leaving is that it is an escape response from something they do not enjoy; remove the negative as best as possible and you will retain the initiative, and their loyalty.
Have a question?
If you have any questions on employee benefits and industry trends in Market Research, Insights & Analytics, please contact the team firstname.lastname@example.org