{"id":7660,"date":"2021-11-04T16:00:58","date_gmt":"2021-11-04T16:00:58","guid":{"rendered":"https:\/\/www.kateunderwoodhr.co.uk\/blog\/uncategorized\/offsetting-lower-salaries-with-strong-employee-benefits\/"},"modified":"2022-02-11T10:14:55","modified_gmt":"2022-02-11T10:14:55","slug":"offsetting-lower-salaries-with-strong-employee-benefits","status":"publish","type":"post","link":"https:\/\/www.kateunderwoodhr.co.uk\/blog\/uncategorized\/offsetting-lower-salaries-with-strong-employee-benefits\/","title":{"rendered":"Offsetting Lower Salaries with Strong Employee Benefits"},"content":{"rendered":"

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A surprising number of the workforce claim that they\u2019re underpaid which can often lead to employees feeling undervalued, increased job dissatisfaction, lower productivity and an increase in absence. Furthermore, low salaries as advertised in job vacancies are deterring highly talented candidates from even submitting an application.<\/p>\n

So the question is, how do you attract new talent and retain those that you do have with a low salary budget? Incentivising staff to stay and enticing new candidates to a company can be achieved by putting in place non-financial incentives. Taking the time to build an attractive \u201cbenefits package\u201d and reviewing the benefits you currently offer will help in recruiting the right talent for your business and maintaining the staff you currently value. During recruitment, it is important to bear in mind that candidates will often compromise a higher salary for a strong employee benefits package and a positive employee experience.<\/p>\n

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Studies conducted by CIPHR<\/a> suggest that an alarmingly high number of employees don\u2019t believe that they\u2019re being paid what they are worth and u<\/span><\/span>nsurprisingly this feeling is exasperated by the length of time an employee last received a pay rise.\u00a0 A poll<\/a> of over a thousand British adults reveals that less than half of UK workers consider their salary reflective of the responsibility they carry and the effort and hard work they put into their role. With the added difficultly of a talent war and an ongoing battle to fill job vacancies, getting creative in incentivising candidates to join companies is becoming the new norm for small businesses to ensure they remain competitive with corporate giants.<\/p>\n

ManpowerGroup studies show that half of UK businesses are offering training and mentoring as a new incentive over increasing wages. Meaning that despite less money being spent on salaries, you can still attract competency and talent that will grow with the business.<\/p>\n

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Manpower Group\u2019s studies<\/a> revealed a list of the most popular non-financial incentives that UK businesses are offering.<\/p>\n