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Employee benefits have become a crucial differentiator for attracting and retaining top talent. Mush Ali, Founding Partner of One Ten Associates and David Cartwright Forbes, Divisional Director and Head of Specialist Markets at Gallagher, recently shared their insights on how candidates can explore what benefits might be available to them and how they can work with their employer to find a mutually satisfactory compensation package.
In a move away from traditional benefits in recent times such as health care, pensions, and life insurance, plus a greater emphasis on mental health support and family care, employees are having greater input into what they would like to see in their compensation packages. While high salaries and generous bonuses have always been the key feature of an attractive compensation package, there has been a marked change in what other benefits individuals would like the opportunity to explore.
Why and how are benefits undergoing a transformation?
During the pandemic, most employees worked from home and as a result spent more time with their families, gaining a better work/life balance. Following this, as employees returned to work, the lack of family contact became apparent for many. This initiated a shift for more flexibility to be implemented by firms in relation to their compensation packages, with a greater focus on employee-driven benefits.
The One Ten team has seen changes in the past year with candidates and clients alike, and it’s expected that the standard offerings, such as healthcare and pensions, will only continue to develop to better attract and retain talent.
In terms of healthcare, it “has always been No.1” says David, although there continues to be a greater push towards the inclusion of improved mental health and maternity support, as well as international cover. Furthermore, changes in benefits are making pensions increasingly flexible. With options around contributory and non-contributory plans being challenged, there is an opening for greater employee influence.
Professional development and continuous learning, as well as Diversity, Equity and Inclusion (DE&I) initiatives are also becoming increasingly mainstream. Mentorships, training programmes and access to industry conferences and certifications are key to support candidate career progression, and firms are being proactive with inclusive hiring practices and offering diversity training and employee resource groups.
How do you ensure specific benefits are included as part of your compensation package in your current role?
To ensure you have the option to consider different benefits in your current position the following steps should be considered:
Making sure you are aware of industry standards and what other firms are offering is important when negotiating benefits. Conduct thorough research to build a compelling case for the benefits you would like to discuss.
“Communication is absolutely key” David says, “if [employees] don’t communicate properly, people don’t understand them, and they don’t engage in them”. Speaking up and being specific about how benefits will positively impact your performance helps to deliver change.
Use your skills and experience during negotiation. Provide examples of how similar benefits have improved your performance in the past and be prepared to negotiate to reach a mutually beneficial agreement.
Maintain an open dialogue with your employer about your benefit needs. If your initial requests are not met, be prepared to revisit the conversation and provide additional information to support your case.
With employee feedback continuing to be a driving force in the scope of benefits, candidates have the opportunity to be proactive to ensure they are in the best position for both personal and corporate success.
Thank you to David for taking the time to speak to the One Ten Associates team.
