Posted: 23 Jan 2019
Salary is always a key consideration for potential employees, however in the IT sector non-financial benefits are also very important.
For some employees, benefits such as flexible working or the opportunity to advance, can be as motivating as financial rewards. Moreover, non-financial benefits often make for happier employees which, in turn, can help employers improve their staff retention.
Traditionally, non-financial benefits included perks like health insurance, tuition reimbursement, travel compensation, training courses, and the opportunity to gain industry certifications. Today, alongside these benefits, employers also focus on lifestyle enhancing benefits.
Examples of the types of non-financial benefits currently offered by Irish organisations can be found in Ibec’s HR Update Report, 2018. Over eight out of ten respondent companies (81%) provide financial support for education or training. Around two-thirds provide professional institute membership, bonus payments, flexible start/finish times or paid study leave. A very small percentage (2%) contribute towards the cost of childcare for their employees, and 1% provide a dedicated shuttle bus services for commuters to their location.
Ibec found that flexible work location/remote working is currently in place in 44% of respondent companies and is a key element of many companies’ approach to assist recruitment and retention of talented staff.
“From an employee perspective the availability of remote working mitigates both the expense of commuting and the time required to travel between home and office, particularly where distance is an issue. Further underlining the importance of flexibility, flexible start/finish times features strongly in companies (63%) with evidence of companies seeking to improve the availability of this particular benefit,” Ibec’s report states.
In the IT sector, flexible working can open up opportunities for individuals who might not otherwise be able to participate in the workforce.
Eolas Recruitment experience suggests that employers who provide coaching and mentoring, training and development, and clear career progression paths enjoy an advantage when it comes to recruitment and retention.
Recognition and a good team atmosphere are also important. The ability to get on with co-workers is very important to both employers and employees. No one wants to work in a bad atmosphere so employers needs to nip problems in the bud and focus on maintaining a good team atmosphere. This can help reduce attrition rates.
Opportunities to volunteer and contribute to society, career progression opportunities, formal and informal recognition schemes also appeal to some employees.
In a dynamic sector like IT, there will always be movement as talented individuals develop their careers. Building a good relationship with a specialist IT recruiter such as Eolas Recruitment can enhance your ability to attract and retain employees. Our knowledge of industry trends and the salaries and non-financial benefits being offered by your competitors can help you enhance your offering for potential hires. The better we get to know your business, the better we understand your current and future requirements.
We know that helping you hire the right person for the right role saves you time and money in the long run. Check out our client testimonials and online reviews or contact us for more information about our services.
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