21st Century Benefits
Nick Carroll, Head of Volume Services04 March 2019
From subsidised gym and yoga classes to morning pastries or free fruit, when attracting top talent is the order of the day, employee benefits and perks can play a significant role in getting a hire over the line.
What are benefits?
Employee benefits include all non-salary extra incentives provided by employers and are a great way to ensure your staff feel valued. While these added extras bring employee satisfaction and help wellbeing, an attractive package can also set rival firms apart in a highly competitive arena. If everything else is ticking the boxes in line with a rival firm, it can be the benefits that make the difference in winning the candidate hire.
It’s incredibly competitive out there, especially when demand for the right level of talent is high. Law firms should always be looking to provide a diverse, comprehensive employee benefits package to not only attract but also retain employees. It’s no longer enough to only offer a competitive salary, healthcare and subsidised travel. Employees are becoming benefits savvy and have a better idea of what a very full package can look like as well as being attracted by ‘quirkier’ offerings.
Benefits can vary between businesses and industries and are sometimes known as fringe benefits. These perks can include bonuses, medical and life insurance, sick leave, pension plans, discounts on company products and services and are provided in addition to a salary. In some cases, on-site gyms and paid cafeterias are common place. But the challenge is on for law firms to set themselves apart. Umbrella firms are now popping up and have revolutionised how fringe benefits can look, offering a bolt on to a business’s current suite of benefits, those that are fully personalised. From huge discounts at your supermarket of choice to financial and physical wellness, every need is catered for and more.
There’s been a big shift in recent times towards benefits that help employees balance home and working life. The biggest being the ever-popular childcare voucher scheme, a government approved method for helping families pay for childcare. The free service enables parents to exchange £243 of their gross salary a month for vouchers which can be spent with approved childcare providers. More firms are offering flexible, agile working practices too, which are vital towards employee wellbeing. Flexible working is becoming increasingly sought after with prospective employees and is something we are asked a lot about. To further strengthen staff health and overall wellness, some firms offer a plethora of benefits from health MOT’s to mindfulness and life coaching.
Let’s talk benefits
Benefits are massively changing the recruitment game and are becoming as crucial to a candidate’s decision making as salary and career progression. For law firms it’s an important time to not only offer a good mix of perks for staff, but also communicate the benefits on offer to attract new staff. As legal recruiters, we always discuss benefits packages with our candidates. Whether you are searching for a new job, looking in detail at a job offer or even happy in your current role, it’s important to review your overall benefits package to make sure that it meets your needs.
Heading up our Volume Services Division, Nick can help your law firm form a strategy for attracting the right talent through a good benefits package. Call him on 0161 214 6117 or send an email to firstname.lastname@example.org to arrange an initial discussion.
If you are a legal professional keen to talk through your current benefits package, or if you would like help finding a firm that offers the right benefits for you, get in touch with our team today.