Harrison Smith: Beyond the pay cheque, why staff perks and benefits are your business advantage

Harrison Smith is a financial adviser based in Hartlepool and is associated with Emerald Associates. Harrison offers an insight into money matters in an exclusive monthly column for North East Connected.

Let’s face it, running a business right now demands resilience. SMEs have navigated a gauntlet of challenges – from the pandemic’s disruption and global instability to the ongoing cost of living crisis and recent changes in national insurance and minimum wage.

In this competitive landscape, attracting and retaining top talent has become a critical differentiator. Whilst a competitive salary remains a fundamental expectation, it’s no longer the sole deciding factor for candidates.

My own early career taught me that the initial allure of a pay cheque soon gave way to the importance of work-life balance, a positive company culture and the feeling of being valued.

Recent conversations with recruiters have highlighted this shift. They consistently report that salary alone isn’t enough to secure the best hires.

Despite talk of skills shortages, I believe many talented individuals are seeking employers who offer a comprehensive package that demonstrates genuine care and investment in their well-being.

For example, a close friend of mine, who recently relocated for work, has moved south because his employer recognised the talent shortage in their sector and proactively invested in travel arrangements for a team to work on specific projects.

For me, this highlights how the right perks and benefits can be a powerful magnet for the right people.

As a financial adviser working with businesses across diverse industries, I’ve seen firsthand how strategically tailored benefit packages a game-changer for employee retention and attraction are.

These aren’t just nice-to-haves, they are vital tools for boosting retention and attracting the skilled individuals your business needs to thrive.

If you’re thinking about the impact of offering private medical insurance can have on employee wellbeing, providing this benefit demonstrates a genuine commitment to your employees’ health and peace of mind.

Alternatively considering how offering a death in service package would be received. Offering a multiple of an employee’s salary as a lump sum to their family during an incredibly difficult time speaks volumes about your company’s values and compassion.

Beyond these benefits, numerous other options exist, including group income protection, group critical illness cover, cycle-to-work schemes, car allowances or employee discounts.

The common thread? These benefits contribute to a greater sense of security and comfort for your team.

Crucially, many of these solutions are more accessible and affordable than you might think. The impact they can have on promoting a positive and productive work environment, populated by the right people, is often high.

Whether you lead a small business with a couple of employees or a larger enterprise, the principle remains the same: investing in your people is investing in your success.

A Teesside client of mine proudly operates with the tagline ‘People before profit’ – a sentiment I endorse.

The perception that comprehensive benefits are only served up by corporate giants like Amazon or Apple is simply inaccurate. There’s nothing preventing businesses of any size from prioritising the well-being of those who drive their operations.

Remember, in today’s competitive landscape, a holistic approach that values people beyond their salary can be a strategic masterstroke. People before profit – it’s the smart business decision.

*To explore how tailored staff perks and benefits can benefit your business, connect with Harrison through his advisor hub: https://linktr.ee/harrisonsmithea [linktr.ee]