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Keeping the best staff in place requires more than a great salary - excellent benefits are increasingly a key differentiator, says Steven Nathan, 10X Investments founder and CEO.
Carefully chosen, value-adding benefits, like a high performing, low cost retirement fund can add important points in the closely fought contest to be seen as an employer of choice, he says.
The Top Employers Compensation and Benefits survey, which is based on a sample of 600 organisations in 102 countries, shows that, as of 2016, benefits are central to talent management again after a long period, post the global financial crisis, when tougher times led many employees to seek job stability over greater rewards.
Retaining the best employees is a core driver of productivity and efficiency. In fact, keeping staff happy and engaged is known to be a key aspect of success for most businesses.
Overall health and happiness, which includes financial wellbeing and confidence about the future, are key drivers of employee productivity.
Numerous studies back up anecdotal evidence showing a clear connection between employees’ physical and financial health and a company’s success.
However, meeting the needs of a multi-generational workforce, attracting new talent and retaining current staff is no easy feat especially if it must be achieved without additional major budgetary outlays.
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