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Firms boosting incentives to attract top talent

Published: February 15, 2016

The employment market is growing increasingly more competitive for jobseekers, according to new findings.

Research published by Edenred, a UK provider of reward and recognition revealed that in order to get the top talent, a growing number of firms are offering more incentives for those that work at their companies.

Its report entitled ‘Employee Benefits, Reward and Recognition in 2016’ found that 63 per cent of employers will change reward and benefits as a result of the competitive employment market.

In addition, over half (55 per cent) of businesses said they will make changes to their proposition to better meet employee expectations.

Speaking about the findings, Andy Philpott, sales and marketing director at Edenred UK said: “While it is good news that the majority of organisations understand the critical role benefits and reward play in recruiting and retaining the right people, it is clear that employers need to do more to build an attractive and differentiated proposition which delivers the right business outcomes.

“This means making better use of technology, improving choice and doing the upfront research to ensure that final proposition is really aligned to employee needs.”

The report also showed that the majority (64 per cent) said they want to use creativity to improve take up of benefits, while 61 per cent are focussed on improving the way they communicate with candidates.

Only a minority (39 per cent) of employers said they will use technology to improve access to benefits.

An even smaller number (19 per cent) said they build targeted benefits propositions for specific groups of workers.

Mr Philpott said: “With so few organisations taking these steps, the employers who invest the time and effort in doing this stand to gain a substantial advantage in their bid to attract the best talent.”

Mitrefinch provides HR Software, which can help you to use employee data to boost efficiency in your organisation.

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