Employee Benefits or the Bare Minimum?
In today’s competitive job market, attracting top talent is a persistent challenge. With an ever-growing spectrum of job opportunities available, job seekers are looking for more than just a good salary and basic benefits package.
Today’s employee is seeking a company that truly values them as an individual, provides opportunities for growth, and enables a healthy-work life balance. If employers can’t find a way to support them in these ways, they’ll miss out on talented candidates.
In this plight, adopting a holistic approach to employee benefits is a game-changer for employers and employees alike. When companies consider their team’s complete wellbeing and provide a diverse benefits package catering to their emotional, physical, and financial needs, employee satisfaction skyrockets. These offerings drive engagement, boost productivity, and foster loyalty.
As the space sector continues to evolve, the organizations ahead of this curve will have the strongest teams. These teams will be instrumental in their success. It’s time for companies to assess their benefits offering if they want to attract and retain the talent they need to grow.
We’re using our data to give space organizations an insight into the wider ecosystem. If these employers can maintain a competitive edge in their benefits package, they’ll be one step ahead in the search for talent.
Unsurprisingly, in the top 10 most common space sector employee benefits, pension contribution and holiday allowance came out on top.
It’s time for a reality check – in today’s workforce, these are not benefits. While they may have been considered a generous offer in the past, they are now simply baseline expectations. This is the absolute bare minimum you should be providing as a conscientious employer.
Despite the modern and fast-paced nature of the American workforce, the traditional benefits offered to employees, such as pension contributions and holiday allowances, are falling short. Many companies in the US still offer limited holiday time and only offer minimal contributions to employee pensions, if at all. This approach is no longer sufficient in today’s globalized and competitive job market. Employees are looking for benefits that cater to their unique needs – if your company doesn’t provide them, another will.
Having been repeatedly named as top drivers of employee retention, satisfaction and productivity, flexible working ranked only 7th.
EVONA can speak from experience to the impact of flexible and hybrid working structures. Our entire crew has full flexibility, including unlimited global remote working, and unlimited paid holiday as standard. Trust us – giving your team full autonomy over their working and personal lives makes a world of difference to their experience within your company. The gift of balance in today’s fast-paced world is priceless. This forward-thinking approach will play an enormous role in not only the talent you attract, but the talent you retain for years to come.
Now, let’s compare the most common benefits to the ones people actually want:
The results are clear – the landscape is changing. Work-life balance is now a crucial aspect of job satisfaction. Employees want to work for a company whose benefits package will enable them to lead a balanced and fulfilling life. This includes support for mental and physical health, professional development, as well as programs and benefits that help them manage their personal responsibilities.
By addressing the various stressors and work-life balance challenges your employees face, you create a supportive environment that allows them to thrive. This sends a powerful message to your team that their wellbeing is a top priority, building an engaged, motivated and committed workforce. This modern approach to employee benefits lays the foundation for long-term success and growth.
Employers have the ability to affect enormous change in their team’s lives. This is the intersection of employee benefits and employee satisfaction. Employers need to shift their focus away from simply offering basic ‘benefits’ and towards creating a holistic employee experience. From flexible work arrangements, to professional development opportunities, to health and wellness initiatives, there are a wide range of practices that can make a tangible difference to the core to your success – your team.
Don’t be left in the dust. For those unsure where to start, we’re here to help. EVONA is the leading international space sector recruiter. We’re emotional intelligence meets specialized knowledge, and we empower space companies to grow. Our crew are dedicated to inspiring a new generation of the space sector workforce. We’re investing in the future workforce, as well as tacking diversity and skill shortages.
We have the knowledge and depth of expertise to help you achieve your goals and expand your business. Get in touch to find out how to align your internal processes with your future growth.