Attracting and Retaining Top Talent: Innovative benefits!

Attracting and Retaining Top Talent: Innovative benefits!
  1. Personalization of benefits and ways of communicating about them
  2. Analytics changes the rules of the world game

Non-wage incentive systems are becoming one of the decision-making conditions for employees, next to the salary, company prestige and development opportunities. The more innovative benefits are, the better! Find out in our article how to effectively motivate employees.

In a highly competitive labor market, employers are trying to outdo each other in ways to attract the best talent to their organization and retain successful professionals. A few years ago, benefits were rare and appeared as a bonus. Currently, companies are developing very complex non-payroll systems of motivating and building employee engagement. In this way, they increase the benefits of taking up employment with them, and also strengthen the company's image on the labor market.

Global trends on the benefit market for 2020

Flexible approach and the pursuit of diversity

Never before has there been so much emphasis on individuality. Soon we will have five generations at one workplace, but so far there have been three or four generations. This will have a huge impact on employee behavior, motivating them to work, engaging them, as well as tools and practices to integrate them. This mixed, multi-generational environment, building awareness of diversity is a new challenge for HR departments in organizations around the world.

Personalization of benefits and ways of communicating about them

More than half of organizations say they have implemented flexible, personalized employee motivation tools, and another are considering introducing them in the near future. In addition to giving employees the flexibility to choose the non-wage benefits that are relevant to them, the way in which they are communicated plays a key role. Show employees that the company understands and supports them.

Recognizing the needs and the possibility of taking advantage of the benefits offered to employees should be the basis of the organizational culture of all entities wishing to retain the best specialists. The most popular solutions proposed by employers include, apart from medical packages, language training. The biggest problem with this type of classes, however, is the absenteeism of employees who explain it with sudden meetings and unexpected tasks during the day. In response to this common problem, learning platforms are emerging. Employees having access to this solution have the opportunity to take the lessons at any time they choose. Lessons based on communication last 20 minutes, and the formula of the classes allows you to achieve the same effects as in standard classes. Importantly, the effects of the course made available to employees in the form of an employee benefit can be verified on an ongoing basis through a special employer's panel. Today's consumers value convenience and speed. They expect them at every level - also from their employer.

Analytics changes the rules of the world game

Six out of ten professionals believe that using data, statistics, machine learning, and artificial intelligence to forecast data is changing the rules of the game in virtually all areas of life. It is predicted that the use of this in HR will also increase dramatically - it will also affect the principles of motivating employees.

Data science is one of the key skills required of employees today - especially if they are to play a more strategic role in the organization. Looking to the future, if HR professionals can help their organizations better prepare for the impact of macro trends (such as an aging workforce on benefit and spending needs), they will have a much more influential and strong presence in the company. In addition, they will be able to exceed the expectations of employees.

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